There is no closing date for IP16 applications I hear you say, and I’d agree with you, except I feel it’s important to mention that the statutory obligation on scheme administrators to provide values at 5 April 2016 applies for only four years, so if you need pension values from your scheme, be sure to request these before 6 April 2020.
The law* states that a member can ask a scheme administrator for help in calculating their relevant amount, to enable the member to make an application for Individual Protection 2016. The scheme administrator must provide the information if:
- The individual was a member of the scheme on 5 April 2016
- The individual makes their request in writing
- The scheme administrator receives the request before 6 April 2020, and
- The information requested is necessary for calculating the value of the member’s relevant amount for the purposes of Individual Protection 2016
If all the conditions apply, the scheme administrator must give the information to the member within three months of receiving the member’s written request for information.
When you consider an individual may have been in a defined benefit scheme on 5 April 2016, but has subsequently transferred to a defined contribution scheme, it makes sense that the DB scheme can be left on the hook only for providing retrospective values for a limited period.