Important news about changes to your pension fund

Individual protection 2014

As well as fixed protection 2014, the government has announced that individual protection 2014 will be available when the lifetime allowance is reduced to 1.25 million for 2014-15. Individual protection 2014 will apply from 6 April 2014, for those with pension savings valued at over 1.25 million on 5 April 2014.

Individual protection 2014 will give a protected lifetime allowance equal to the value of your pension rights on 5 April 2014 - up to an overall maximum of 1.5 million. You will not lose individual protection 2014 by making further savings in to your pension scheme but any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge.

You'll be able to apply for individual protection 2014 from mid-August 2014. Your application must be received by HMRC no later than 5 April 2017.

You can hold both fixed protection 2014 and individual protection 2014 but you can't apply for them at the same time. You can also hold individual protection while holding either enhanced protection or fixed protection but you can't apply for individual protection if you already hold primary protection.

For more information on individual protection 2014 follow the link below.

Pensions: Individual Protection 2014 Guidance note - GOV.UK website