Pension Term Assurance life insurance guidelines launched

Wed, 20 Dec 2006

Fresh guidelines have been released to the life insurance industry about Pension Term Assurance (PTA.) The guidelines, released by the Treasury and HM Revenue and Customs (HMRC), offer guidance for those customers whose applications are ‘in the pipeline,’ with their policies yet to be issued.

The statement indicates that those customers who applied on or before the 6th December will be treated in the same way as those people whose policies had already been issued, a position that will placate many people’s fear. These ‘pipeline’ customers will therefore continue to benefit from tax relief.

The HMRC concluded: "This announcement is intended to ensure customers, their advisers and insurers benefit from clarity and certainty on this key issue in advance of the broader consultation into the future of PTA. We will be engaging further with the industry on the broader issue of the future of PTA over the coming weeks as part of the wider consultation."
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