Sipp provider Suffolk Life has called on planners and their clients to consider fixed and individual protection for 2014 as early as possible.

The release of the fixed protection 2014 form is due on 12 August and advisers can then apply for fixed protection 2014 but they will need to look closely at their clients' needs beforehand, says Suffolk Life.
Following Royal Assent of the Finance Bill 2013 on 17 July 2013, the fixed protection 2014 form should be available on 12 August. Advisers should prepare to consider which type of protection, if any, their clients will need going forward.
The reduction in the lifetime allowance, from £1.5m to £1.25m, could have a significant impact to those who do not opt to apply for protection because all funds and benefits in excess of the new lifetime allowance could have a tax charge of up to 55 per cent applied at retirement.
Claire Trott, pensions technical manager at Suffolk Life, said: "For those clients who are not currently contributing or an active member of a scheme and nearing retirement advisers will feel that there should be little reason not to apply for fixed protection 2014.
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"Indications suggest it should be a simple form with no need to request information from providers. It becomes more complicated where clients may wish to commence contributions again in the future because they would then revert to a lifetime allowance of £1.25m, increasing any lifetime allowance tax charge by up to £137,500"
She added: "Clients with benefits in excess of £1.25m on 5 April 2014 should be able to rely on individual protection, although that's still under consultation until the beginning of September. Individual protection would not necessarily be the best option for those not contributing because it will only protect the value of benefits already accrued: if contributions are not being made at present it would be wise to apply for both, using individual protection as a fall back."
Full details on the consultation on individual protection can be found here.
https://www.gov.uk/government/consultations/pensions-tax-relief-individual-protection-from-the-lifetime-allowance-charge
Suffolk Life is a provider and administrator of specialist pension products, mainly Self-Invested Personal Pensions (Sipps). It looks after over 17,500 self-invested plans with £5.3 billion in assets under administration. Suffolk Life owns over 2,600 properties for over 4,200 SIPP investors. All figures are as at February 2013. Suffolk Life is part of the Legal & General Group and is based in Ipswich. It employs around 200 people.