Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fixed protection definition

What does Fixed protection mean? Fixed protection is a UK pensions tax mechanism that preserves an individual’s personal lifetime allowance at a fixed historic level when the standard Lifetime Allowance (LTA) was reduced. It is a statutory protection within the Finance Act 2004 regime and HMRC practice. There are three variants: Fixed Protection 2012 (FP12) fixing the LTA at £1.8m, Fixed Protection 2014 (FP14) at £1.5m, and Fixed Protection 2016 (FP16) at £1.25m. It is generally not available to those who already hold Primary or Enhanced Protection. Historically, retaining fixed protection required ceasing accrual/contributions after the relevant cut‑off; breach led to loss of protection. From...

Fixed Protection 2012: UK pensions tax—applications, benefits post-2024 allowances, transitional calculations, loss and appeals, transfers, death benefits and auto-enrolment

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES

Under Schedule 18 to the Finance Act 2011, the government set up an allowance protection framework to sit alongside the reduction in the Lifetime allowance from £1.8m to £1.5m on 6 April 2012. That framework, called Fixed protection 2012 (FP 2012), was the first iteration of fixed protection introduced, and it is the focus of this Practice Note. FP 2012 was intended to provide transitional cover for individuals who had already accumulated pension savings on the assumption that the standard lifetime allowance would remain at least £1.8m.

Although the lifetime allowance was abolished with effect from 6 April 2024, FP 2012 still offers certain transitional safeguards for a person’s entitlement to: (i) the lump sum allowance; (ii) the lump sum and death benefit allowance; and (iii) a tax-free lump sum. For more detail, see The benefits of fixed protection 2012, below. Before 6 April 2023, those relying on FP 2012 were unable to continue accruing benefits without losing that protection—see The loss of fixed protection 2012, below. For a quick guide to the different forms see below for further information and context on options available under fixed protection 2012 and related forms...

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Web page updated on 21/05/2026

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