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Providers peeved as PTA deadline extended to July

Protection providers have reacted angrily to the decision by the Treasury and HM Revenue & Customs to extend the deadline for pipeline pension term assurance business to July 31 following ABI pressure.

As revealed by Money Marketing last week, the Association of British Insurers has sent a circular to members, saying it was aware of “significant volumes” of PTA cases which had still not been processed due to insurers awaiting final details such as medical evidence.

It advised providers to delay telling clients their applications had not met the April 6 cut-off date because it was in talks with Government about extending this.

The Treasury and HMRC issued a statement last week confirming insurers now have until midnight on July 31 to process pipeline PTA business.

But providers say the decision should have been taken before the original April 6 deadline expired.

Aegon Scottish Equitable spokesman Mark Locke says: “If they were going to extend the deadline, they should have given ample warning to providers instead of telling us six days after the original deadline expired.”

However, Royal Liver IFA market manager Andy Milburn says: “What a joke that there are still large numbers of PTA applications in providers’ new business pipelines nearly four months after the product was pulled. Providers should have been far more proactive about this.”

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