What happens to PEPs and TESSAs?

PEPs: An investor is allowed to keep all existing PEPs as long as they want to. However, no further contributions can be paid into a PEP after 5/4/99. All contributions previous to this date can remain invested, and all profits are free of tax.

• TESSAs: A saver can continue to pay into a TESSA until the end of the original 5-year term. As detailed in the TESSA pages, as long as the capital remains untouched, the interest will be paid out free of tax on maturity. When the TESSA matures, a saver can take the capital and reinvest it (but not the interest).

This could be either in a special extra TESSA only ISA which does not affect the other ISA limits for that year or investment can be made into the Cash element which is 3000 (1999/2000) or 1000 from 2000/2001 onwards. Should an investor transfer his/her PEP into an ISA? It seems unlikely that an investor would wish to do so.

As a PEP can be continued without affecting the amount that can be invested in an ISA, a reason for doing so ... more.

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