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Update on the Lifetime Allowance & Fixed Protection 2014

Update on the Lifetime Allowance & Fixed Protection 2014

The Lifetime Allowance (LTA) is the maximum amount of tax relieved pension that you can build up over your life. The standard lifetime allowance will reduce from £1.5 million (for tax year 2013-14) to £1.25 million from tax year 2014-15 onwards.

Read more about the lifetime allowance on our website here

You can choose to protect your LTA from 6 April 2014 at the 2013-14 level of £1.5 million by applying for fixed protection 2014 (FP2014). There is an online tool to help you decide whether you should apply for FP2014 and/or individual protection 2014 which can be found here.

If you want to apply for FP2014 you should notify HM Revenue & Customs (HMRC) by completing the online form here.

Submitting the form online to HMRC is secure, quick and easy to do. You will get an immediate confirmation of receipt for your online application, along with a reference to help with any future enquiries. This email will provide details of when you can expect to hear from them regarding your application and should be stored safely as proof of submission.

If your application for FP2014 is accepted by HMRC, you will be sent a certificate which you should show to your pension scheme administrator every time you take any benefits from your pension scheme.

If you have successfully applied for FP2014, to keep this protection there are restrictions on any tax relieved pension savings that you can make from 6 April 2014. More information about these restrictions and FP2014 can be found here.

If you would like to talk to us about the lifetime allowance, you can ring us on 0845 601 2923.

Or send us a message here.

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