Individual Protection 2016 Print
For those individuals who are unable to claim Fixed Protection 2016 but have pension savings in excess of £1m, Individual Protection 2016 is available. Individual Protection 2016 gives a protected lifetime allowance equal to the value of an individual’s pension savings on 5 April 2016, subject to an overall maximum of £1.25 million. They will not lose individual protection 2016 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.
Both Individual and Fixed Protection 2016 have no application deadlines and can be accessed online via the Government Gateway.