HMRC's Newsletter 58 includes a number of articles about fixed protection which will be of interest to scheme administrators:
- fixed protection 2014: links to the online application form (deadline 5 April 2014), Fixed Protection 2014 Member Guide and online lifetime allowance checking tool;
- fixed protection 2012: information about applications by members who, on 6 April 2012, had no arrangements in a registered pension scheme but did have arrangements in an overseas pension scheme subject to the lifetime allowance; the Finance Act 2013 has corrected an omission in the original legislation so that this class of member may now apply for fixed protection 2012 (deadline also 5 April 2014);
- new reporting requirements: from 12 August 2013 scheme
administrators must report additional events to HMRC in relation to
fixed protection (and other matters):
- individuals who claim fixed protection 2014;
- individuals whom the administrator has advised that their annual pension savings exceed the annual allowance; and
- the date on which any non-UK resident individual who makes a request, on or after 12 August 2013, to transfer his UK pension savings to a QROPS ceased to be UK resident, as notified to the scheme by the individual.
Click here for HMRC's Newsletter 58.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.