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Investors cling to PEPs

The Government's decision to introduce Individual Savings Accounts has not deterred people from investing in PEPs. Sales in November and December are higher than equivalent figures in 1996, according to a survey by PEP Direct, a PEP broker.

"Many investors are angry about the lifetime ceiling and the reduced annual allowance but they want to make the most of PEPs now whilst they can," said the broker. "We are also encouraged by the Inland Revenue's willingness to review the pounds 50,000 limit upwards and hope that our discussions in January will yield results." PEP fund manager Jupiter has been the best performer, providing more than a third of PEPs, almost three times its nearest rival, Perpetual.