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Overview
The level of the standard lifetime allowance has changed over the years and the table at PTM081000 sets out the level of the lifetime allowance for tax years 2006-07 onwards. Since the lifetime allowance was introduced a number of measures have been made available that enable members to take pension benefits of more than the standard lifetime allowance and either pay no lifetime allowance charge or have a reduced charge. These measures are known as lifetime allowance protections.
Types of protection
There are a number of different forms of lifetime allowance protections which might apply, which are set out below.
What an authorised practitioner is
A scheme administrator can appoint someone to act on their behalf (a practitioner) in relation to one or more aspects of the management of the pension scheme. The scheme administrator must authorise HMRC to deal with that practitioner via the service on which the pension scheme is registered:
Pension Schemes Online, or
the Managing Pension Schemes service.
The practitioner must be registered with HMRC. They must register via the Managing Pension Schemes service if the pension scheme they want to act for is held on that same service. If a practitioner wants to register to act for a scheme held on Pension Schemes Online, they will need to contact pensionschemes@hmrc.gov.uk.