What is fixed protection 2016 (FP2016)?

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FP2016 is a fund protection option introduced to coincide with the reduction in the standard lifetime allowance (SLA) from £1.25 million to £1 million from 6 April 2016. FP2016 fixes an individual’s lifetime allowance at £1.25 million. If the SLA increases above £1.25 million sometime in the future, an individual’s FP2016 will stop and the higher SLA will then apply. The individual must apply for this protection before they take their benefits. Anyone who applies for FP2016 must cease being an active member of all their registered pension schemes before 6 April 2016.