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).