4. What can you do with PEPs?

PEPs were introduced in 1987, but were effectively replaced by ISAs in 1999.

For a number of years, the two systems ran side by side, so you could invest new money in an ISA while continuing to get tax relief on investments held in your PEPs.

Thankfully, in April 2008, the two systems were merged. So any old PEPs you had automatically become share ISAs. Hurrah!

So that's why this part of our ISA guide is now rather short.

Move along now, there's nothing to see here!

Part 5: Introducing the index tracker

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