Individual Protection 2014 (IP2014)

You can still apply for protection from the 2014 reduction in Lifetime Allowance (LTA) by applying for Individual Protection 2014 if your pension savings at 5 April 2014 are valued at over £1.25 million. 

IP2014 gives 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 IP2014 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 IP2014 must be received by HMRC no later than 5 April 2017. Applications can be made online.