Hello and welcome. Thank you for providing an opportunity to assist you.
To begin with, if you are unsure as to how your pension pot is calculated, you must certainly seek directions / clarifications from them. I am sure you would be helped.
Further, talking about Individual Protection 2014, if I quote HMRC,
" available when the lifetime allowance is reduced to £1.25 million for 2014-15. Individual protection 2014 will operate from 6 April 2014, for those with pension savings valued at over £1.25 million on 5 April 2014.
Individual protection 2014 will give a protected lifetime allowance equal to the value of your pension rights on 5 April 2014 - up to an overall maximum of £1.5 million. You will not lose individual protection 2014 by making further savings in to your pension scheme but any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge.
You'll be able to apply for individual protection 2014 from 18 August 2014. Your application must be received by HMRC no later than 5 April 2017.
You can hold both fixed protection 2014 and individual protection 2014.You can also hold individual protection while holding either enhanced protection or fixed protection but you can't apply for individual protection if you already hold primary protection.
For more information on individual protection 2014 follow the links below...."
You can also download a PDF document which would be a good reference to you over and above this.
Having said this, yes, you can consider taking the pension out before the pot value increases to 1.5 Million.I am sure this would help.
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