Fixed protection 2016 | Practical Law

Fixed protection 2016 | Practical Law

Fixed protection 2016

Fixed protection 2016

Practical Law UK Glossary w-003-8481 (Approx. 4 pages)

Glossary

Fixed protection 2016

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 2016 because they expect the value of their pension savings to exceed £1 million when they retire. A member who claims fixed protection 2016 will not incur a lifetime allowance charge on any of their benefits up to £1.25 million, although they 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, enhanced protection, fixed protection 2012 or fixed protection 2014.