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PEPs
Politically Exposed Person. This is a term that describes a person who is a senior political or public figure of a government and includes their immediate family and any close associates.

PET (Potentially Exempt Transfer)
Where a gift is made with no immediate tax charge providing the individual survives 7 years, however, should the death the individual die within 7 years of making the gift, the transfer becomes chargeable.

Paid up
If the policyholders stop paying their regular premiums, the policy remains in force and invested in the chosen funds. Full details of the effects of a paid up policy are detailed in the policy terms and conditions.

Policy Schedule
A document which details what is and isn't covered by a policy. Can also be referred to as Policy Documents.

Policy charge/fee
An amount (either a fixed monetary amount or percentage) which is deducted at a certain frequency from the policy/bond to cover running costs.

Policy terms and conditions
The general and special arrangements, provisions, requirements, rules and standards that form an integral part of the contract.

Power of Attorney
A legal document which gives another person(s) authority to represent, act and deal with legal or financial matters on behalf of an individual. There are other forms of this document which may limit the types of transactions which may be carried out within a certain jurisdiction.

Pre-Owned Asset Tax (POAT)
The UK's tax authorities imposed this as a standalone income tax charge which applies to anyone who had previously owned an asset but still enjoys some benefit from it; it was introduced to target those participating in Inheritance Tax (IHT) mitigation schemes.

Premium
The amount paid by the policyholders.

Professional Investor Fund
See "EIF"(Experienced Investor Fund)

Protector
In trust law, a protector is a person appointed under the trust to oversee the actions of the trustees.