Obtaining all the information available on each of your client’s pension plans can take some time, warns Ian Price, divisional director of pensions and consultancy at St James’s Place Wealth Management.
He says: “If you think they might be impacted by reduction in the lifetime allowance you should be seeking advice and getting the information you require to make a decision as soon as possible.”
There are three ways to apply for Fixed Protection 2014.
Firstly, there is an online form which must be completed and submitted online. This is HMRC’s preferred method for receiving applications as it argues it is quick, secure and ensures that all relevant sections of the form are completed.
Secondly, a paper PDF form is available for those who do not want to use the online version either through choice, or because they don’t have a national insurance number or email address which are mandatory fields in the online version.
This form still has to be completed onscreen then printed off, signed and dated, and then sent to HMRC.
Thirdly, for those unable to use either of the above methods, a paper form which can be printed off and completed by hand and then sent to HMRC.
