Transact launches savings plan to help high earners

The savings vehicle aims to appeal to high earners as a way of making up for lost income after the new top rate of tax comes into effect next year. Acting as an endowment policy for an initial term of 10 years, the QSP can be extended by at least 10 years thereafter. Once contributions have been paid for seven-and-a-half years, the proceeds are free of tax. It appeals particularly, therefore, to high earners who can use the proceeds to provide a tax efficient income. Malcolm Murray, Transact head of marketing, says the product has generated a strong response since launching yesterday....