Unit 4 M1 Case Study

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Primary Protection
Criteria to apply for Primary Protection:
Primary protection was available to be obtained by any individual on 6 April 2006, providing that their pension benefits (whether crystallised or uncrystallised) were equal or in excess of £1.5m which include those already in payment.
Restrictions:
There were no restrictions placed on contributions or accruals going forward, which meant the individual could continue to remain an active member of a pension scheme. Primary Protection provided the individual with an additional lifetime allowance denoted as an “additional factor” This was calculated using the following formula:
(Total benefits – £1.5 million)/ £1.5 million
Losing Primary Protection:
An individual is unable to opt out …show more content…
Those who applied by 5 April 2012 were able to secure (fix) their allowance at a value of £1.8m. Applications received post this date were not processed, whereas late applications for primary and enhanced protection were accepted by the HMRC. It was aimed at individuals who believed their pension savings would exceed the £1.5 million allowance if they were to take their benefits on or after 6 April 2012.
Criteria to apply for Fixed Protection 2012:
• Individual is not required to have pension savings in excess of £1.5 million to apply.
• The individual must be a member of a registered pension scheme
Restrictions:
Once an individual has obtained fixed protection their lifetime allowance remains fixed at a level of £1.8 million. There are certain actions which can no longer be undertaken, for example they must have stopped accruing benefits in every registered scheme by 5 April 2012. If a member has not notified their scheme administrator the accruals and contributions may not have been ceased. This would mean they can no longer rely on fixed protection thus their lifetime allowance would revert to £1.5 million, if their benefits exceed this amount they will be subject to a lifetime allowance

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