Individual Protection 2014

As well as fixed protection 2014, the government has announced that individual protection 2014 was available when the lifetime allowance (LTA) was 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 LTA 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 LTA will be subject to a LTA charge.

Your application for individual protection 2014 must have been received by HM Revenue & Customs (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 couldn't apply for individual protection if you already held primary protection.

For more information about individual protection 2014 please click here.