Practical Law UK Glossary 4-204-0648 (Approx. 5 pages)
Glossary
Primary protection
Introduced by the Finance Act 2004, one of the forms of transitional protection available for a member of a registered pension scheme who had accrued pension rights before 6 April 2006. A member whose rights were valued at more than £1.5 million at that date could register with HM Revenue & Customs before 6 April 2009 to have those rights protected from a lifetime allowance charge when he comes to retire because they exceed the standard lifetime allowance. A member with primary protection gains a personal lifetime allowance that increases until retirement according to the proportion by which his benefits exceeded the standard lifetime allowance on 6 April 2006. See also enhanced protection, fixed protection and fixed protection 2014.