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Personal Equity Plan

noun
🔊/ˌpɜːsənl ˈekwəti plæn/
🔊/ˌpɜːrsənl ˈekwəti plæn/
(abbreviation PEP)
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  1. a savings scheme in Britain from 1987 to 1999. People who bought a Personal Equity Plan could invest a limited amount of money in companies and did not have to pay any tax on the profits they made. The system was replaced by the ISA.