Individual protection 2014 – application deadline

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For adviser use only

This news item is for financial advisers only. It mustn’t be distributed to or relied on by, customers. It is based on our understanding of legislation at the date of publication.


When the standard lifetime allowance was reduced from £1.5 million to £1.25 million, from 6 April 2014, two new forms of protection were introduced – Fixed Protection 2014 (FP2014) and Individual Protection 2014 (IP2014). 

Applications for FP2014 had to be submitted to HM Revenue & Customs before 6 April 2014, but IP2014 has had a three-year long application window, which will close at midnight on 5 April 2017.

So, if you have any clients who would benefit from IP2014, but who haven’t already applied for it, time is now running out.

Who can apply for IP2014?

IP2014 is only an option for individuals who –

  • had total pension savings (including any pensions already in payment) under registered pension schemes valued at more than £1.25 million on 5 April 2014
  • did not hold primary protection on 5 April 2014 (either on its own or lying dormant while holding enhanced protection)

What level of protection does IP2014 provide?

IP2014 gives a protected lifetime allowance equal to the value of an individual’s pension savings on 5 April 2014 subject to an overall cap of £1.5 million.

Further information

You can find more details about IP2014, including how to apply, in our FAQs here.

For information on the two other forms of protection that are currently available – Fixed Protection 2016 and Individual Protection 2016 - see our FAQs here.