If you are considering applying for Individual Protection 2014 (IP 2014), the deadline to submit your application is midnight on 5 April 2017. Please take action sooner rather than later as there will be no extension to the deadline for late applications.

This may apply to you if you had pension savings on 5 April 2014 which have a value of more than £1.25 million. IP 2014 allows you to protect those savings (up to a value of £1.5 million), as long as you don’t already have valid primary protection on 5 April 2014.

Applications for IP 2014 can be made using HMRC online service. To apply you will require details relating to the value of your pensions as at 5 April 2014.

Further information relating to this matter can be found at www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance#individual-protection-2014

If you are unsure with regards to this matter you should consult your independent financial adviser. If you do not have a financial adviser, details of those near to you can be found at www.unbiased.co.uk