The window for registration for individual protection 2014 opened on 18 August 2014. The lifetime allowance was reduced from GBP1.5m to GBP1.25m from 6 April 2014. Individual protection 2014 gives individuals a protected lifetime allowance equal to their pension savings on 5 April 2014.
HMRC has updated its guidance, which was first published in December 2013, to reflect the application process which is entirely on-line. Applications for individual protection 2014 must be received by HMRC no later than 5 April 2017.
The updated guidance can be viewed by clicking here.