Please find something we came across and all Brits should do it, if they have not already done in previous years.
Many people won’t have pension savings worth more than the £1.5 million lifetime allowance. BUT, if your pension savings are worth more than this when you take your benefits, you’ll have to pay the lifetime allowance tax charge on the excess unless you have some form of lifetime allowance protection. So it makes simple sense to fill in the form and send it off to the HMRC and this way you grandfather your benefit at £1.5 Million — if you don’t then it will be (£1.25 million from 6 April 2014 and likely even lower in years to come!) There is no cost just your time to fill it in and send. It could save you a bundle of taxes in the future!
Fairly simple process, you may complete the document online via the below links or you may print out the embedded document, ‘apss228.pdf’ and send to the below address:
apss228 Application for protection of your lifetime allowance
HM Revenue & Customs
Pension Scheme Services
FitzRoy House
Castle Meadow Road
NOTTINGHAM
NG2 1BD
Direct link to the online document: https://online.hmrc.gov.uk/shortforms/form/FixedProtection2014
Alternatively, go to the following link and click on, ‘Go to the online application for fixed protection 2014’:
http://www.hmrc.gov.uk/pensionschemes/fp14online.htm
(even when you fill in online you still have to print off and send in a signed copy)
Should you have any questions, please feel free to give us a call.
Regards,
Banner Japan K.K.
4F Esperanza Ebisu Bldg
3-2-19 Ebisu Minami
Shibuya-ku
Tokyo 150-0022
Tel: 03-5724-5100 Fax: 03-5724-5300
