What is Fixed Protection?
Changes to current pensions legislation, due to come into force from 6 April 2014, are set to see a reduction in the current Standard Lifetime Allowance from £1.5 million to £1.25 million. You can protect and fix your Lifetime Allowance at £1.5 million effective immediately through Fixed Protection 2014.
This change should be acted upon immediately if you’ve already amassed pension savings of over £1.25 million (or indeed, you expect your savings to eventually sail past this figure due to growth and interest), and you are planning on adding to any pension schemes, whether through those you’re currently involved with or through a new scheme.
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