Protecting your pension

By registering for fixed protection, people can protect the value of their pension savings up to a crystallised value of £1.8m - i.e. the current lifetime allowance. However, a lifetime allowance charge will still apply on the value of benefits exceeding that level when they crystallise their funds. Unlike the three-year window applied in April 2006, when the Labour government introduced primary and enhanced protection, people will only have until 5 April to register for fixed protection with HMRC. Advisers and individuals could be forgiven for thinking this may affect only a few indi...