Standard Life pulls plug on PTA

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Standard Life has announced it is withdrawing its pension term assurance policy as of today, following strong hints by the Treasury it will withdraw the right to use the product.

The Pre-Budget Report says the government has become aware life insurance policies which provide lump sum death benefits alone are being offered as personal pension arrangements eligible for pensions tax relief, which undermines pensions principles. It states: “The government will therefore work with the pensions industry to explore in time for the Budget, how the principles can be applied to PTA contracts. Any changes the government decides to make will not affect either personal arrangements entered into before 6th December 2006 or existing types of employer arrangements.” Mick James,...

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