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 2014 (UK): post-2024 lump sum and death benefit allowances, transitional tax-free amount certificates, loss/reinstatement, permitted transfers, joining schemes, death benefits, pension debits, auto-enrolment, appeals

Published by a LexisNexis Pensions expert

Practice notes

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THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES

Through Schedule 22 of the Finance Act 2013 (FA 2013), the government brought in and implemented an allowance protection framework to accompany and facilitate the reduction in the Lifetime allowance from £1.5m to £1.25m on 6 April 2014. This framework, called Fixed protection 2014 (FP 2014), builds on the fixed protection regime first launched on 6 April 2012 (referred to as fixed protection 2012, or simply ‘fixed protection’). FP 2014 is the focus of this Practice Note. The initial, stated purpose of FP 2014 was to provide transitional protection for individuals who, before 6 April 2014, had already accumulated pension savings exceeding £1.25m, or who intended to do so on the assumption that the lifetime allowance would stay at least at £1.5m. Although the lifetime allowance was subsequently abolished with effect from 6 April 2024, FP 2014 still affords certain transitional protection concerning an individual’s entitlement to the following: the lump sum allowance, the lump sum and death benefit allowance, and a tax-free lump sum. For further detail, see The benefits of fixed protection 2014, below. Before 6 April 2023, individuals relying on FP 2014 were not able to continue to accrue...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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