16 April 2007
The Association of British Insurers has welcomed the
announcement from the Government that insurers will now have until
31 July 2007 to process both 'pipeline' Pension Term Assurance
applications received before 13 December 2006, and life assurance
bought by midnight on 12 April 2007 with a personal pension and
intended to be part of the protection provided by that pension.
Stephen Haddrill, the ABI's Director General, said: "The
Government's decision to remove tax relief from PTA was
unnecessarily complex and bad for consumers. We are pleased that
the Government has worked with the ABI to find solutions to the
some of the problems the Budget statement led to. We look to it to
learn from the review of the way in which it handled the PTA issue
that it is currently undertaking.
"We will press politicians of all parties to raise the issue
during Parliamentary debates on the Finance Bill. Politicians of
all parties will want to know why it is no longer possible to get
tax relief on life assurance cover bought with a personal
pension."
