Individual Protection 2014 Print
For those individuals who missed out on fixed protection 2014 but have pension savings in excess of £1.25m, individual protection 2014 could be applied for up to 5 April 2017. Individual protection 2014 gives a protected lifetime allowance equal to the value of an individual’s pension savings on 5 April 2014, subject to an overall maximum of £1.5 million. They will not lose Individual Protection 2014 by making further savings in to a registered pension scheme but if the pension savings exceed the protected lifetime allowance, that excess will be subject to a lifetime allowance charge.
An individual is able to hold both Fixed Protection 2014 and Individual Protection 2014 but could not apply for them both at the same time.