Individual protection 2014 Gives individuals who thought the value of their benefits would be over the lifetime allowance when they come to take their benefits, a personalised lifetime allowance based on the value of their pension savings on 5 April 2014 (up to a maximum of £1.5 million). It allowed individuals whose pension rights were valued at over £1.25 million on 5 April 2014 to protect those rights, subject to an overall maximum of £1.5 million. A crucial difference from fixed protection is that they will still be able to be an active member of a pension scheme. Individuals were able to apply for individual protection 2014 up to 5 April 2017.
It was possible to apply for individual protection 2014 if the individual already had fixed protection 2014.
Individual protection 2016 Will give individuals who think the value of their benefits will be over the lifetime allowance when they come to take their benefits, a personalised lifetime allowance based on the value of their pension savings on 5 April 2016 (up to a maximum of £1.25 million). It allows individuals whose pension rights were valued at over £1 million on 6 April 2016 (the lifetime allowance from 6 April 2016) to protect those rights, subject to an overall maximum of £1.25 million.
There is no time limit for applying for individual protection 2016.
It is possible to apply for individual protection 2016 if the individual already has fixed protection.