There are two types of protection, fixed and individual. I wouldn't apply too soon, in 2008/10 (I forget) it was
raised to £1.8 million. Applying for, and receiving the incorrect type of protection might well limit your options in future. I think that it's something that you have to be acutely aware of, especially if you get out at an option point with an IP, and have a further full career infront of you.
If it appears that you're imminently about to breach it, or you will have, then HMT/HMRC will promulgate the new series in due course and in plenty of time for savers to make an informed decision. If you have already breached the £1.25m limit, you are going to be limited with your options. But if you have a glittering second career infront of you (Consultants stepping into the NHS for instance) it's still well worth reviewing.
Someone asked me about the Annual Allowance. It has remained the same, but HMT has form. The way that it is revalued and therefore calculated can quite easily change (currently, a multiple of sixteen is used). That will mean many more can breach it even though the headline figure remains a constant. Ref Forces Pension Society, yes, absolutely it's a good thing to consider (I first joined it 15+ years ago when I realised I was about to get screwed).
If you are worried about breaching the LTA post mil, go onto LinkedIn and ask anyone if they have negotiated alternative remuneration. Out of interest, I posted this earlier if you want to monitor the thread.
Remuneration in lieu of employer pension contributions.
The reduced Lifetime Allowance (LTA) for pension savings will surely impact many reading this. Some of you will also exceed the LTA once you leave the military for a second career even if you don't breach it before, via AFPS.
Has anyone got any practical experience of negotiating separate remuneration terms in lieu of pension payments that you could share with us? The LTA of course, could also increase in the future; recently, it was *raised* to £1,800,000.
uk.linkedin.com/in/alastairrush