ARTICLE · 25 NOVEMBER 2014

Individual Protection 2014

Smith & Williamson

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Following the reduction of the lifetime allowance from £1.5m to £1.25m, anyone with total pension savings in excess of £1.25m as at 5 April 2014 has until 5 April 2017 to elect for individual protection 2014 to secure their personal lifetime allowance.

United KingdomEmployment and HR

Smith & Williamson

Securing your personal lifetime pension allowance

Following the reduction of the lifetime allowance from £1.5m to £1.25m, anyone with total pension savings in excess of £1.25m as at 5 April 2014 has until 5 April 2017 to elect for individual protection 2014 to secure their personal lifetime allowance.

Securing individual protection 2014 will give the individual a personal lifetime allowance equal to their fund value at 5 April 2014, subject to a maximum of £1.5m.

Unlike fixed protection 2014, which closed to applications on 5 April 2014, further contributions will be permitted. Individual protection 2014 could, therefore, be appropriate to those who decided to remain active members of final salary schemes or who continue to receive contributions to money purchase arrangements.

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