Back to News | 25 February 2017
A reminder to our members who believe that the value of their pension benefits will be over the Lifetime Allowance (LTA) when they come to take their benefits:
The deadline for applying for Individual Protection 2014 (IP14) is 5 April 2017 (see Members Information for more information on the LTA)
IP14 maintains the LTA at the lower of £1.5m or the value of the benefits at 5 April 2014. The LTA is currently set at £1m. Applications to HMRC for IP14 must now be made on-line only as paper applications are no longer accepted.
You can apply for IP14 and obtain further information on the different types of protection available by clicking here. The HMRC website also provides an on-line tool to help individuals decide what type of protection to apply for, although we strongly recommend that you take independent financial advice before making any decisions.
You can also read an interesting article published by The Times on pensions protection by clicking here.