As planned, with effect from 6 April 2014, the lifetime allowance and the annual allowance will be reduced from £1.5 to £1.25m and from £50,000 to £40,000 respectively. The Government intends to offer a ‘fixed protection’ regime for those who already have a lifetime allowance in excess of £1.25m or may do in the future and an ‘individual protection’ regime to enable individuals to continue to accrue further benefits or make further contributions. The Government plans to release draft legislation for consultation in spring 2013 for inclusion in the Finance Bill 2014.