Individual protection 2014 | Practical Law

Individual protection 2014 | Practical Law

Individual protection 2014

Individual protection 2014

Practical Law UK Glossary 2-551-0665 (Approx. 4 pages)

Glossary

Individual protection 2014

Transitional relief available to a member of a registered pension scheme who is adversely affected by the reduction in the lifetime allowance on 6 April 2014 because they have pension saving that exceeds £1.25 million. A member who claims individual protection 2014 will have a personalised lifetime allowance based on the value of their pension savings on 5 April 2014 up to a maximum of £1.5 million. They are entitled to make further pension contributions or accruals without incurring a lifetime allowance charge. To be eligible, the member must not already have claimed primary protection, and cannot rely on enhanced protection, fixed protection 2012 or fixed protection 2014 at the same time. Notice must be given to HMRC of the member's intention to rely on individual protection 2014 before 6 April 2017.