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Check your pension annual allowance.
HMRC has confirmed that the date a member’s protection for individual protection 2016 (IP2016) and fixed protection 2016 (FP2016) is effective from:
- is 6 April 2016; or
- the date the IP2016 or FP2016 became active after the loss of an earlier form of lifetime allowance protection.
For individual protection 2014 (IP2014) it is:
- 6 April 2014; or
- the date the IP2014 became active after the loss of an earlier form of lifetime allowance protection.
HMRC plans to add the 2012-13 tax year to the beta annual allowance calculator (see here). This helps members calculate the allowance they have used and how much they can contribute to their pension schemes without facing a charge.
