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TonyTax
TonyTax, Tax Consultant
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I have a 2014 Fixed certificate but continued to make pension

Resolved Question:

I have a 2014 Fixed certificate but continued to make pension contributions between April 2014 and March 2015. My pension pot as at April 2014 was in excess of 1.25m.
Have I lost my lost my fixed cert as a result of these contributions and should I now apply for Individual Protection certificate?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You say that you have Fixed Protection 2014. If you look here you will find the rules on Fixed Protection. The notes say that you are protected up to £1.5 million of pension savings. However, it also says that once that protection is in place, you should stop accruing further benefits and making further contributions and that if you do, you will lose that Fixed Protection and can be financially penalised by HMRC if you don't tell them. If you lose your Fixed Protection 2014, you can apply for Individual Protection as the form that you would need to complete here says. You ought to consult a pension adviser to fully assess your options. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
As further pension contributions were made after 6/4/2014. At what point was the Fixed certificate lost, was it the first contribution on 15/4/2014 or some other trigger date between 04/14 and 03/15 ?
Expert:  TonyTax replied 1 year ago.
It's lost as soon as you make another contribution or accrue benefits after 5 April 2014.
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