Hi Richie

From April all old PEP accounts will be re-branded as stocks and shares ISAs. And, should you wish you will be able to top them up using your 2008/09 allowance. 

There is a lot of confusion around these new rules and it's worth stressing that the source you refer to is definitely wrong! If you withdraw money from your PEP you'll lose the tax benefits.

You can move money between ISAs but it's essential you transfer it rather than cashing it as when you come to reinvest the money in your new ISA it will be counted as this year's allowance.

It's relatively easy to transfer ISAs -  your new ISA provider will supply you with all the neccessary documentation  and move the money on your behalf.

I hope this helps 

Rachel Lacey is the editor of Moneywise

From April you'll be able to invest in two ISAs each year - a cash ISA and a stocks and shares ISA.

This why, if you're investing in stocks and shares, it's worth taking out your ISA with a fund supermarket as they allow you to spread your allowance across a wide variety of funds from a range of fund managers.

Find out more about the new ISA rules.

Rachel Lacey is the editor of Moneywise