The shape of UK savings policy could change and savings options expand for adults and young people, with the new Tax Incentivised Savings Association (TISA).
TISA - the new name of Pep & ISA Managers Association (PIMA) - will continue to manage the nation’s tax-free savings and investments, totalling almost £300 billion of 20 milllion UK investors’ money.
The association will be working with the government to oversee the phasing out of PEPs (Personal Equity Plan) in favour of ISAs (Individual Savings Account). It will also work on improving ISAs and Child Trust Funds (CTF), and on introducing a range of new ways to save.
Tony Vine-Lott, Director General of TISA, said: “PEPs and ISAs have worked extremely well for a very high percentage of adults across all sectors of UK society, and the CTF, as a universal savings scheme, will soon be doing the same for the young. TISA seeks to utilise what we have learnt from these schemes to continue to broaden and deepen savings throughout the whole UK community.”
Learn more about the ISA
Find out more about PEP transfer