Fixed Protection 2014 (FP14)

[Crunchy]

I would like my limited company to make pension contributions for me. I have FP14 and have never breached the terms.

My advisor says I can’t have contributions made because of my FP14.

This was not my understanding of the post April 2023 world.

My understanding was that I can’t now make further pension contributions (or my company can) and that my fp14 25% tax free amount won’t be adversely affected ie I will continue to be eligible for £375k tax free.

Can someone set the record straight for me on FP in the post April 2023 world?

Many thanks!

[ben_power]

Are you sure you have FP2014 rather than IP2014?

Fixed Protection 2014 (FP2014) locks in a lifetime allowance of £1.5 million but prohibits further pension contributions, while Individual Protection 2014 (IP2014) gives a personal lifetime allowance based on your pension value at April 2014 (up to £1.5 million) and still allows future contributions, though excess growth may trigger tax charges.

[Crunchy]

I definitely have FP14. But I thought after April 2023 you *could* contribute?

[Crunchy]

I am so confused. HMRC manual suggests I can make further contributions. I will pay for advice but can’t find anyone who deals with this stuff

FP14 was received in 2014 (duh)

Manual: https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm176470