Reminder: the deadline for applying for Pension Fixed Protection is 5 April 2014
Taylor Wessing’s August 2013 edition of Pensions Priorities featured an article about fixed protections under the UK registered pension schemes tax regime. As mentioned in that article, for the tax year from 6 April 2014, the lifetime allowance (i.e. the total amount of tax-free pension savings that can be built up by a member in their registered pension schemes) will reduce from £1.5m to £1.25m. In view of this, individuals wishing to protect their pension savings between £1.25m and £1.5m must apply for Fixed Protection 2014 by 5 April 2014…
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For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
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