primary protection

primary protection
Introduced by the Finance Act 2004, one of the forms of transitional protection that is available for members of registered pension schemes who accrued pension rights before 6 April 2006. A member whose rights are valued at more than £1.5 million at that date may register with HM Revenue & Customs (HMRC) to have those rights protected from a tax charge because those rights exceed the lifetime allowance. The member gains his own personal enhanced lifetime allowance that increases until his retirement in line with increases to the standard lifetime allowance. But a member with primary protection cannot accrue further pension benefits without paying a tax charge. See also enhanced protection.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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