What is fixed protection 2014 (FP2014)?

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FP2014 is a fund protection option that was introduced from 6 April 2014 to coincide with the reduction in the standard lifetime allowance (SLA) from £1.5 million to £1.25 million. FP2014 fixes an individual’s lifetime allowance at £1.5 million. If the SLA increases above £1.5 million sometime in the future, an individual’s FP2014 will stop and the higher SLA will then apply. The deadline for making an application to HMRC for FP2014 was 5 April 2014. Anyone who applied for FP2014 had to cease being an active member of all their registered pension schemes before 6 April 2014.