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bigduckontax, Accountant
Category: Tax
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I was due to retire in February 2017, but now plan to retire

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I was due to retire in February 2017, but now plan to retire before April 2016. How do I ensure my lifetime allowance remains at £1.25M?

Hello, I'm Keith and happy to help you with your question.
Look here for HMRC guidance and the form for protecting pension pots and how to apply for protection:
Here is The Money Advice Service information on the same subject:
'Individual Protection 2014
Individual Protection 2014 (IP2014) is only available if the value of your pension savings on 5 April 2014 is over the new limit of £1.25 million.
If you have applied for protection in the past on other occasions when the lifetime allowance was reduced, you might not be eligible to apply for protection again now.
Level of protection
IP2014 will give you a protected LTA equal to the value of your pension savings on 5 April 2014 subject to an overall maximum of £1.5million.'
The HMRC Lifetime Allowance Checker can be found here:
I do hope that I have been able to show you a way forward with your problem.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Thank you very much for your help.

I am in the position where my pension pots are about £1.25M and therefore would be seeking protection as the allowance drops to £1.00M, I assume IP2016 has not been announced?

Best regards

No, you would have to apply for protection under existing rules.
Don't forget the Lifetime Checker; this will conform your position and whether you actually need protection.
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Thank you for your excellent support.