Limited Contributions and Suitable Assets
There were two types of PEP:
- A general PEP with an annual allowance of £6,000.
- A single company PEP with an annual allowance of £3,000.
Investments in a general PEP were limited to qualifying collective investments. Qualification was previously defined as an investment that invested at least half of its assets in the UK and was later extended to the European Union. The qualification rule for existing PEPs was removed in 2001.
Single company PEPs could be invested in shares in a single company. Additionally Windfall shares received by members from mutual bodies when they became listed companies could also register the holdings as a PEP.
Read more about this topic: Personal Equity Plan
Famous quotes containing the words limited and/or suitable:
“Moreover, the universe as a whole is infinite, for whatever is limited has an outermost edge to limit it, and such an edge is defined by something beyond. Since the universe has no edge, it has no limit; and since it lacks a limit, it is infinite and unbounded. Moreover, the universe is infinite both in the number of its atoms and in the extent of its void.”
—Epicurus (c. 341–271 B.C.)
“We agree fully that the mother and unborn child demand special consideration. But so does the soldier and the man maimed in industry. Industrial conditions that are suitable for a stalwart, young, unmarried woman are certainly not equally suitable to the pregnant woman or the mother of young children. Yet “welfare” laws apply to all women alike. Such blanket legislation is as absurd as fixing industrial conditions for men on a basis of their all being wounded soldiers would be.”
—National Woman’s Party, quoted in Everyone Was Brave. As, ch. 8, by William L. O’Neill (1969)