A method of providing protection to a member‘s fund, which was over the lifetime allowance on 5 April 2006 from the lifetime allowance charge. It protects the value of the member’s fund and growth on the protected fund, limited to the increase in the lifetime allowance. If primary protection has been granted the member will be entitled to an enhanced lifetime allowance, known as a personal lifetime allowance, when they take benefits from the scheme.
Primary protection could not be used to protect a fund below the lifetime allowance and had to be applied for before 5 April 2009.
Contributions may continue to be made if a member has primary protection but this may not be advisable.