Fixed protection 2014
The lifetime allowance for tax-favoured pension funds will be reduced from £1.5 million to £1.25 million on 6 April 2014. We described the background to this change in pension law in our Summer 2013 newsletter. If you apply for 'fixed protection 2014', you can keep the benefit of the higher limit, subject to restrictions on further contributions to the fund.
The online form to apply for fixed protection 2014 is now available. We can help you complete it, and submit it on your behalf. However, you first need to contact your pension scheme administrator get an up-to-date value of your pension fund.