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Lifetime allowance will be reduced.
From 6 April 2016, the lifetime allowance will be reduced from £1.25m to £1m. Legislation for the reduction and the protection regimes (fixed protection 2016 (FP2016) and individual protection 2016) will be in Finance Bill 2016.
As a result, HMRC say scheme members will not be able to apply for protection until after April 2016, although individuals who want to rely on FP2016 should consider the arrangements they will need to make to stop accruing benefits after 5 April 2016.
Details are in the HMRC’s Pension schemes newsletter.
