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Revenue concedes there is no deadline for unbundling Peps

The Inland Revenue has admitted that fund managers are under no obligation to unbundle Pep transfers by an October 6 dead- line it had previously set.

The Revenue says it will now issue a clarification of its March bulletin which said that Pep managers will be obliged to offer partial transfers by October 6 this year. The move follows fund managers approaching the Revenue seeking to resolve the issue.

The Revenue bulletin read: “From 6th April 2001, at the request of the investor, part (or all) of his or her Pep may be transferred to another Pep manager, within an agreed time. This condition must be included in all Pep managers&#39 terms and conditions as soon as is possible after 6th April 2001…we would expect that the new condition be introduced before 6th October 2001.”

The confusion surro-unds the Pep rule changes, which came into force on April 6, allowing investors to transfer part of their Peps for the first time. Previously, many managers would bundle all years of an investor&#39s Peps into one account and only allow an entire transfer of funds.

However, despite the changes to the rules, many fund managers are still unable to unbundle Peps due to outmoded administration systems.

The Revenue is now backtracking and says although investors will have the right to request a partial transfer, the manager will be under no obligation to offer one. A spokesman says: “The Revenue will shortly issue guidance to Pep managers to avoid any doubt.”

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