HMRC has published:

HMRC and HM Treasury have launched an open consultation entitled Pensions tax relief: individual protection for the lifetime allowance. The consultation contains draft provisions implementing a new regime for ‘Individual Protection’ in the face of the reduction in pensions lifetime allowance from £1.5m to £1.25m commencing on 6 April 2014. This is the second protection announced in this year’s Budget for which individuals could apply, the first being ‘Fixed Protection 2014’, which will form part of the Finance Act 2013.

The consultation document establishes who is eligible to apply for ‘individual protection’, when they can apply and how the protection will mitigate an additional tax charge triggered by the lifetime allowance reduction.

The consultation closes on 2 September 2013. The relevant provisions will be included in the Finance Bill 2014, which is expected to come into force in the summer of 2014 but will have retrospective effect from 6 April 2014.