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Lifetime allowance online service available.
Pension scheme members can now apply to protect their pension savings from the lifetime allowance tax charge using HMRC’s website.
The online service replaces the interim paper process for applying for fixed protection 2016 (FP2016) and individual protection 2016 (IP2016) as well as the online form for applying for individual protection 2014 (IP2014). Paper certificates with members’ lifetime allowance protection details will no longer be issued.
HMRC will process any interim protection applications on hand at 31 July 2016 and issue the member with a permanent protection notification number. Members with these numbers need not reapply online and will be able to view details of their protection online.
HMRC has published more guidance to help members who want to apply for protection.
More information is in Pension Schemes Newsletter 80.
