Pension transitional protection

Question 1

IP16 and FP16

Answer 1

• Can still register for IP16 (>£1m on 5 April 2016) and FP16 (no minimum)
• FP16 gives a LTA of £1.25m (no min pension value needed)
• IP16 gives a LTA of value of pension on 5/5/16 ( up to £1.25m max )
• If you register for both and you make further contributions you will lose FP16 but will retain IP16
• Primary and Enhanced protection had to be applied for by 5 April 2009
• Deadlines for application of FP12, IP14 and FP14 have also passed