Individual Protection 2014 deadline is approaching
In the pension world, there are many forms of protection against the Lifetime Allowance, with the most up-to-date information on these available on our website: https://boolers.co.uk/wp-content/uploads/2015/09/Lifetime-Allowance-2016.pdf
The ability to apply for one of these, Individual Protection 2014, is shortly due to end, with the application deadline being 5 April 2017.
This protection provides a personalised Lifetime Allowance based on the value of the individual’s pension savings as at 5 April 2014 and will apply until such time as the standard Lifetime Allowance increases to this level.
It is more complicated than most of the protections available as it allows for further accrual and contributions into pensions, but does not protect these against the tax charges associated with being in excess of the protected Lifetime Allowance.
Only available for those with pensions in excess of £1.25 million
Individual Protection 2014 is available for those with pension savings that were valued in excess of £1.25 million as at 5 April 2014, and allows those people to protect up to a maximum of £1.5 million.
Assuming this criteria is met it is available to those without Primary Protection (or dormant Primary Protection for those who applied for both Primary and Enhanced Protection), and is also available to those with Enhanced Protection, Fixed Protection 2012, Fixed Protection 2014 and Fixed Protection 2016, provided pension savings are valued in excess of £1.25 million as at 5 April 2014.
This form of protection is appropriate for those who are wanting:
To apply, individuals will need an HMRC online services account www.gov.uk/log-in-register-hmrc-online-services
The process of valuing pension savings, for this form of protection, is not particularly simple and we will be able to help you through this process. If you believe this form of protection is relevant to you please contact your usual financial planning consultant to discuss further.
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