Pensions tax relief: individual protection from the Lifetime Allowance charge

The Government announced on 5 December 2012 that to support its objective of a system of pensions tax relief that is fair, affordable and sustainable, for 2014-15 onwards the Annual Allowance would be reduced from £50,000 to £40,000 and the Lifetime Allowance would be reduced from £1.5 million to £1.25 million.

This consultation document sets out the framework of how individual protection 2014 will work, and seeks views on aspects of the detail of this protection regime and the draft legislation.