Pension Term Assurance Deadline Approaches
Posted by: Jason King
March 9th, 2007.
The pension term assurance fiasco rumbles on with rumours now circulating that PTA will get the green light again in the budget, subject to applicants self certifying that they are also paying into a pension savings plan.
This would be a remarkable double u-turn by the Government but one that we very much support. There is a huge protection gap in the UK, estimated at £2.3tn by Swiss Re in 2006. The ability to buy life insurance with tax relief will make valuable cover affordable for the majority of consumers and help shrink this gap.
However as things stand at the moment anyone who has a PTA application outstanding with any life insurance company should remember that the plan needs to be in force and on risk by midnight 5th April 2007 otherwise the tax relief benefit will be lost.
This entry was posted on Friday, March 9th, 2007 at 2:27 pm and is filed under Life Insurance.
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