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Document Fixed Protection 2016 and Individual Protection 2016

Provisions in the Finance Act 2016 reduced the Lifetime Allowance (LTA) from £1.25 million to £1 million from 6 April 2016.  HM Revenue & Customs (HMRC) also introduced new protection arrangements for members who could be impacted by the reduction.

From 6 April 2016 the new HMRC LTA protections available are Fixed Protection 2016 (FP 2016) and Individual Protection 2016 (IP2016).

Members applying for Fixed Protection 2016 do not require a valuation of their NHS benefits to apply for this protection and NHS Pensions cannot assist members with their application to HMRC for Fixed Protection 2016.

Members applying for Individual Protection 2016 will require a valuation of their pension benefits from NHS Pensions, calculated as if the member was retiring on 5 April 2016 on age grounds.

In order to deal with IP2016 Valuation requests NHS Pensions have published IP2016 Valuation request forms on the Lifetime Allowance page of the Members Hub. The form to use will depend on whether you are an Officer member, in which case you should complete AW295 IP2016 Officer form, or a Practitioner member, in which case please complete the AW295 IP2016 GP form. If you were a practitioner with a concurrent hospital post please complete the form AW295 IP2016 GP form and NHS Pensions will obtain any information required from your hospital employer.

HMRC have advised there will be no application deadline for both Fixed Protection 2016 and Individual Protection 2016.

For further information, please see the forms and factsheets available on our website.
2016, IP 2016, individual protection 2016, fixed protection 2016
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