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PEP
Personal Equity Plan. A tax efficient savings plan which can be used to help repay an "interest-only" mortgage. Tax assumptions are those currently applicable and are subject to statutory change. PEPs are no longer available.
Personal pension
This is a structured savings and investment plan designed to provide you with an income on retirement. As you can take some of the plan as cash it could be used to help repay an interest-only mortgage.
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