Fixed protection 2012

Transitional relief available to a member of a registered pension scheme ( www.practicallaw.com/5-201-6474) who was adversely affected by the reduction in the lifetime allowance ( www.practicallaw.com/8-201-6477) on 6 April 2012 because he expects the value of his pension savings to exceed £1.5 million when he retires. A member who has claimed fixed protection 2012 will not incur a lifetime allowance charge ( www.practicallaw.com/8-507-1314) on any of his benefits up to £1.8 million, although he cannot make any further pension contributions or accrue any further benefits beyond a specified level. To be eligible, the member must not already have claimed primary protection ( www.practicallaw.com/4-204-0648) or enhanced protection ( www.practicallaw.com/4-204-0653) . The member must have given notice to HMRC ( www.practicallaw.com/6-200-6399) of his intention to rely on fixed protection 2012 before 6 April 2012. See also fixed protection 2014 ( www.practicallaw.com/3-537-0805) .

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247511785338", "objName" : "Fixed protection 2012", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/6-507-1857?source=relatedcontent", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "2-1b93f46a:14e3ed06c21:c08", "analyticsSessionCookie" : "2-1b93f46a:14e3ed06c21:c09", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }