Individual protection 2014 (IP14) is for those with pension fund value of £1.25m as of April 2016, and gets you to keep that value as a lifetime allowance, subject to a £1.5m cap. The deadline for applications for IP14 is the 5 April 2017.

Individual protection 2016 (IP16) is for those with pension fund value of £1 m as of April 2016, and gets you to keep that value as a lifetime allowance, subject to a £1.25m cap. There is no deadline date for IP16.

You can have individual protection once only, if you don’t have primary protection or any other IP, and you can combine it with enhanced protection or any form of fixed protection. You also lose it if you get divorced via a sharing order.

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