AMPS members might be aware that HMRC's Pension Schemes Newsletter 76 was published on 18 February 2016. This includes details of the interim application process for Fixed Protection 2016 and Individual Protection 2016, intended for those who wish to give effect to benefit crystallisation events whilst relying on such protection before the full application facility becomes available.
HMRC are understandably keen to stress that the interim application process is only for those who will need to use their protection before it can be formally applied for and granted. Below is the text of an e-mail which HMRC has issued, today, in further recognition of this principle:
"As you may have seen, yesterday we published Pension schemes newsletter 76. In it we included more information about how pension scheme members can apply for temporary protection from the reduction in lifetime allowance from April 2016.
We also explained that members who are not planning to take benefits between 6 April 2016 and July 2016, should wait and apply for protection using the online digital service which will be available in July 2016. This is because everyone who protects their pension savings temporarily must make a full online application from July 2016 and receive a permanent reference number to ensure their pension savings continue to be protected from the lifetime allowance tax charge.
We are trying to publicise this message as widely as possible so that only members who need temporary protection use the interim process. To help with this, please can you circulate to your members?
For those of you who were quick off the mark, there was a small typo in one of the dates in amount A for Individual Protection 2016. This has now been fixed."
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