What was a PEP (Personal Equity Plan)?
A. A PEP was a type of savings account and was similar to a stocks and shares ISA. The last date on which a PEP could be opened was 5 April 1999. PEPs in existence at that date could continue, but no further subscriptions could be made to them. The rules for PEPs changed on 6 April 2001 to bring them more in line with the rules for stocks and shares ISAs. And on 6 April 2008 all remaining PEPs became stocks and shares ISAs.
