Dodd & Co Healthcare – Lifetime Allowance Protection

Lifetime Allowance Protection – What Can You Do..?

On 6 April 2014 the lifetime allowance fell from £1.5m to £1.25m. The only way you can now “fix it” at a higher amount is by applying for Individual Protection.

To apply for this, you must have a pension pot in excess of £1.25m and obtain valuations of all your pensions held at 5 April 2014.

The forms to apply for a valuation of your NHS pension are now available on the NHS Business Services Authority website. There are three forms so it is important that you use the correct one:

  • AW295 (GP) – to be used by GP partners, salaried GPs, locums and dentists
  • AW295 (Officer) – to be used by consultants, non-GP partners, etc
NHS Pensions expect to start issuing Individual Protection valuations at the following times:
  • GPs  – from May 2016
  • Dentists – from October 2015
  • Officers – between April 2014 and April 2017
If you plan to retire before the date shown you will need to complete form AW295 (GP) on a provisional basis (this does not apply to those completing the AW295 (Officer) form).  We suggest you write on the form your intended date of retirement to prioritise your valuation.  A final AW295 (GP) request must be completed after the date shown above.

Once a valuation has been obtained an application for Individual Protection should be made to HMRC.  The form to do this is expected to be available from around mid-August 2014.  The deadline to submit this application is 5 April 2017.  You will then receive a certificate from HMRC to confirm you have Individual Protection.

You must have this certificate from HMRC before you apply to draw your NHS pension, so if you are planning to retire before August 2014 you should take further advice on this.

If you would like any further information, or a referral to an Independent Financial Adviser who can guide you on this matter, please contact Claire Hebdige on 01768 864466.

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