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
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