Individual Protection 2014 Now Available

As of the 18th August 2014, it is possible for doctors to apply to protect their pension savings up to an overall maximum of £1.5m. Applications must be made online. This is your Guide to Individual Protection 2014.

Your Individual Protection 2014 Guide:

- Introduction

Legislation was introduced in the Finance Act 2014 to provide protection from the pensions lifetime allowance charge. This protection has been introduced because the standard lifetime allowance has been reduced from £1.5m to £1.25m from 6th April 2014. Individuals who have pensions savings of greater than £1.25m on 5th April 2014 can apply for individual protection 2014.

Individual Protection 2014 will give individuals a protected lifetime allowance equal to the value of their pension savings on 5th April 2014, subject to an overall maximum of £1.5m.

- What is the LifeTime Allowance?

The lifetime allowance is the maximum amount of pension savings that you can build up over your lifetime that benefit from UK tax relief.

If when you crystallise your pension savings these are worth more than the lifetime allowance you'll pay a tax charge (the lifetime allowance charge) on the excess. 

The level of the standard lifetime allowance has been reduced from £1.5m to £1.25m with effect from 6th April 2014 onwards.

As a consequence of the reduction in the lifetime allowance from April 2014, there are two new forms of protection available. Fixed Protection 2014 (which had to be applied for by 5th April 2014) and Individual Protection 2014 (available now).

- Individual Protection 2014

If you have pension savings on 5th April 2014 which have a value of more than £1.25m, IP 2014 allows you to protect those savings (up to a value of £1.5m).

IP 2014 will give you a protected lifetime allowance equal to the value of your pension savings on 5th April 2014 subject to an overall maximum of £1.5m. Unlike Fixed Protection 2014, there are no restrictions on future pension savings, although if you exceed your protected lifetime allowance the excess will be subject to the lifetime allowance charge.

IP 2014 is available even if your pension savings on 5th April 2014 have a value more than £1.5m. As the maximum protected lifetime allowance you can have with IP 2014 is £1.5m, any savings in excess of this will not be protected and will be subject to the lifetime allowance charge when you crystallise your benefits.

The online application is available now on the HMRC website and you have up to 5th April 2017 to submit your IP 2014 online application to HMRC.

This is a complex area but you may benefit from this protection. If you have any questions over your eligibility for IP 2014, whether you can benefit from IP 2014 or not, how to value your pension savings as at 5th April 2014 (crystallised and uncrystallised pensions) and how best to take your pension benefits with or without IP 2014 - then please get in touch so we can help you.

Please contact or 0117 966 5699 for a complimentary review of your pension circumstances. Do not miss out on this important pension protection.











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