HMRC has updated its guidance on Individual Protection 2014, which is a new form of personalized protection from the lifetime allowance charge to be introduced from April 2014 for individuals with pension rights that exceed GBP 1.25m on 5 April 2014. The lifetime allowance reduces to GBP 1.25m from 6 April 2014.

The guidance was first published in December 2013.  The updated version of the guidance can be viewed by clicking here.