Beware of the Pep in a poke

Article Abstract:

Providers of United Kingdom personal equity plans (Peps) should permit investors to transfer investments to another manager, but investors may be charged so much that they are severely penalised by transfers. Albert E Sharp is a stockbroker which does not permit transfers of the underlying stocks, but insists on the entire Pep being cashed in. This means that large commissions may have to be paid for sales and purchases. Investors should assess how easily they can transfer, before investing in a Pep.

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Tax minefield offshore

Article Abstract:

Offshore funds can create tax problems for some investors. They tend to be most useful for wealthier investors who plan to retire abroad. Accumulator funds are one of two main types of funds and tax is not paid until units are cashed in. Gains cannot be offset against allowances for capital gains tax. Investors may also pay tax twice if treaties do not apply, and there could be problems from inheritance tax. Investors should seek advice before making such investments.

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Financial planning with Peps

Article Abstract:

British personal equity plans (Peps) are used as a tool for financial planning situations such as mortgage repayment, creation of a retirement income and payments of school fees. Individual savings accounts (Isas) with lower annual limits will replace Peps. Similar to endowment policies, Peps are linked to unit trusts that are used to repay mortgages; they are more flexible than endowment mortgages and also have tax advantages.

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