Apply online for Lifetime Allowance protection

HMRC has just announced details of how members impacted by the change to the Lifetime Allowance (LTA) in 2016 can protect their retirement savings. As of the end of July 2016, members who want to apply for individual protection 2016 (IP16) or fixed protection 2016 (FP16) must do so online. The interim paper-based application process is no longer available.

Any members who used the interim process should reapply online. While any ongoing interim applications received before 31 July will, if successful, be issued with a permanent protection number so these members will not need to reapply. 

In order to apply for protection online, you will need an HMRC Online Services Account, which is the same one used for Self-Assessment. To create an account or to login to an existing one, please visit gov.co.uk, where you can also find detailed guidance.