New tax protection for high earners’ pension benefits: IP14

To help individuals who will be affected by the reduction of the lifetime allowance to £1.25m from 6 April 2014, HMRC is consulting on a new form of tax protection: Individual Protection 2014 (IP14). This will be introduced alongside a new form of fixed protection but has one crucial difference: members with IP14 will be able to continue making money purchase contributions, or accruing defined benefit rights, without losing tax protection…

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