Section 3 (17-24)

Question 1

List the transitional protections

Answer 1

1. Primary protection (PP)
2. Enhanced Protection (EP)
3. Fixed Protection 2012 (FP12)
4. Fixed Protection 2014 (FP14)
5. Individual Protection 2014 (IP14)
6. Fixed Protection 2016 (FP16)
7. Individual Protection (IP16)

Question 2

Primary protection

Answer 2

Min value to qualify: more than £1.5m April 2016
Level of protection: PP factor multiplied bye underpinned LTA of £1.8m
Contributions permitted: Yes
Restrictions: N/A
Lose protection of DB transfer: No

Question 3

Enhanced protection

Answer 3

Min value to qualify: No minimum
Level of protection: No LTA 
Contributions permitted: No
Restrictions: N/A
Lose protection of DB transfer: enhanced protection is lose if 'relevant benefit accrual occurs'. If a member with enhanced protection elects to transfer benefits from a DB scheme to an MP scheme they may lose protection

Question 4

Fixed protection 2012

Answer 4

Min value to qualify: No minimum
Level of protection: £1.8m
Contributions permitted: No
Restrictions: Cannot hold if either PP or EP held
Lose protection of DB transfer: No

Question 5

Fixed protection 2014

Answer 5

Min value to qualify: No minimum 
Level of protection: £1.5m
Contributions permitted: No
Restrictions: Cannot hold if PP, EP, FP12 held
Lose protection of DB transfer: No

Question 6

Individual protection 2014

Answer 6

Min value to qualify: £1.25m as at April 2014
Level of protection: value of pension as at April 2014, subject to £1.5m cap
Contributions permitted: Yes
Restrictions: Cannot hold PP
Lose protection of DB transfer: No

Question 7

Fixed protection 2016

Answer 7

Min value to qualify: no minimum
Level of protection: £1.25m
Contributions permitted: No
Restrictions: Cannot hold with PP, EP, FP12 or FP14
Lose protection of DB transfer: No

Question 8

Individual protection 2016

Answer 8

Min value to qualify: £1m as at April 2016
Level of protection: value of pension as at April 2016, subject to £1.25m cap
Contributions permitted: Yes
Restrictions: Cannot hold PP
Lose protection of DB transfer: No