3 Pensions. Transitional Relief and Protected PCLS

Question 1

Primary Protection

Answer 1

Pension >£1.5M on A Day
Primary Protection factor = Fund at A day less £1.5M over £1.5M
From 12/13 onwards primary protection factor of £1.8M used known as underpinned LTA
With Primary prot can continue to contribute

Question 2

enhanced Protection

Answer 2

Must make no further cont post A day

As no cont not tested against LTA

Question 3

Fixed 12

Answer 3

Fixed £1.8M
no new schemes started
not registered for primary, enhanced

Question 4

Fixed and IP 14

Answer 4

Fixed £1.5M
IP14
not registered for primary, enhanced, FP12

Question 5

Fixed and IP 16

Answer 5

Fixed £1.25M
IP16
not registered for primary, enhanced, FP12 or FP14

Question 6

PCLS with Primary Protection

Answer 6

If primary PCLS 25% then can take 1.8/1.5*PCLS

Question 7

PCLS with Enhanced Protection

Answer 7

is 25% of the standard LTA when taking benefits
or
£375K which ever greater