Lifetime allowance and fixed protection

Sjmb

I am trying to understand whether I need to apply for fixed protection. I am male, 58 and retired.

I have a DB pension payable at 60 worth £24k pa, or at 65 and worth £36k pa.
In addition I have a crystallised fund which was worth £250k. Having taken TFLS and some drawdown it is now worth £175k.
Plus one further DC fund of £65k which is untouched.

At the moment I intend to drawdown from my crystallised fund until age 60, then draw DB pension of £24k at 60. Once DB pension is in payment, I don't expect to make any further withdrawals from either of the DC funds. However, there is a very small chance that I may choose to defer my DB pension until 65 when it will be worth £36k pa.

Can I protect lifetime allowance at £1.25 million and would this be sensible.
I believe the only downside would be that I can no longer add the £2880 annually to my fund, is that correct?
I can't seem to get my head around the point at which funds are valued and what happens if I choose to leave them untouched and then they hopefully increase in value.

Thank you

zagfles

This explains it quite well: http://www.pruadviser.co.uk/content/knowledge/technical-centre/lifetime_allowance/

coyrls

Fixed protection is covered here: http://www.pruadviser.co.uk/content/knowledge/technical-centre/fixed-protection-and-individual-protection-2016/

However if you have made any contribution to a pension in this tax year, you will not be able to apply for protection.