Fixed and Individual Protection 2014

Published by Bhargaw Buddhdev on

The government had announced that the lifetime allowance (LTA) would reduce from £1.5m to £1.25m with effect from 6 April 2014. To protect those with pension assets in excess of £1.25m, the government had also announced that fixed protection 2014 (FP14) will be offered (similar to FP12 that applied when the LTA reduced from £1.8m to £1.5m in April 2012).

Following a consultation on the feasibility of introducing an individual protection regime to protect existing pension rights, draft legislation has been published setting out the details and implementation of individual protection 2014 (IP14).