Individual Protection 2014 Reminder - Only 5 Months Remaining To Apply

Doctors who are considering applying for Individual Protection 2014 have until 5th April 2017 to do so. In order to make an application, doctors need to obtain the capital value of their pension benefits as at 5th April 2014 (this includes ALL pensions, not just the NHS Pension Scheme). An Individual Protection 2014 Valuation Request Form can be used to obtain your NHS Pension valuation from the NHS Pension Agency. For any personal pensions that you may have, the scheme administrator should be contacted direct.

Remember doctors are now able to use their Total Reward System (TSR) to obtain their NHS Pension statements as at 31st March 2014 in order to decide whether Individual Protection 2014 is needed.

Those doctors who have obtained Individual Protection 2014 can have their pension Lifetime Allowance protected up to the value of £1.5 million. For example: Stephen has an NHS Pension Scheme value, at 31 March 2014, of £68,000 and a lump sum (1995 Section) of £204,000 – from this he calculates the capital value is £1,564,000 therefore his Individual Protection is limited to £1.5m. The capital value of the pension is calculated in the following way:

(£68,000 x 20) + £204,000 = £1,564,000

A lump sum is only included in the calculation of the capital value if the member is in the 1995 Section.

If you are ineligible for Individual Protection 2014  remember you are still potentially able to apply for Individual Protection 2016 using your Total Rewards Statement as at 31st March 2016. This operates in the same way as Individual Protection 2014, however the maximum capital value protected is £1.25 million as opposed to £1.5 million. Where the capital value of a doctors' NHS benefits on the Total Rewards Statement is over £1.25m then doctors can use this for their Individual Protection 2016 application and do not need to request a specific Individual Protection 2016 valuation.

If you are still unsure about the changes to the Lifetime Allowance and whether you might be eligible for protection then please get in touch for an initial, complimentary consultation. In the first instance, please contact Richard Higgs, Chartered Financial Planner, on 0117 966 5699 or email richard.higgs@wealthwestmedical.co.uk.

 

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