Providers begin mass exit from PTA

clock •

Several protection providers have already pulled out of the pension term assurance market this morning and more are expected to do so later today, following comments in the Pre-Budget Report suggesting the product was being misused.

Friends Provident and Standard Life have all confirmed they have withdrawn the sale of life cover with tax relief products as of yesterday, Bright Grey, Legal & General, Norwich Union and Royal Liver have this morning confirmed their withdrawal and Bupa is just one of the names thought to be following suit later today. According to the ABI, approximately 17,000 PTA policies were sold in the UK in Q2 2006, while a further 44,500 were sold in Q3 this year. The ability to quote for such products has been withdrawn from IFA platforms and it is now thought the concept of life cover with tax ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

FCA: Pure Protection Market Study does not give industry 'a clean bill of health'

FCA: Pure Protection Market Study does not give industry 'a clean bill of health'

Firms must still demonstrate fair value

Jaskeet Briah
clock 11 November 2026 • 2 min read
Budget 26: The protection and health impact

Budget 26: The protection and health impact

Protection industry reflects on missed opportunities

Cameron Roberts
clock 30 October 2026 • 5 min read
Is failing to protect a client's income an oversight or neglect?

Is failing to protect a client's income an oversight or neglect?

What happens to your financial plan if your ability to earn reduces or stops?

Kevin Carr
clock 29 October 2026 • 3 min read