Standard Life pulls plug on PTA

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 Jame...