PEP /pep/ BrE AmE noun
abbreviation for Personal Equity Plan; a type of SAVINGS plan introduced by the British government in the 1980s, which allows people to buy small amounts of ↑ share s in British companies without having to pay tax on the profits they make by doing this. PEPs were introduced to encourage ordinary people to buy shares. A new savings plan called the ‘↑ ISA ’ replaced PEPs in 1999.