As well as fixed protection 2014, the government has announced that individual protection 2014 was available when the lifetime allowance (LTA) was reduced to £1.25 million for 2014/15.

Individual protection 2014 will apply from 6 April 2014 for those with pension savings valued at over £1.25 million on 5 April 2014.

Individual protection 2014 will give a protected LTA equal to the value of your pension rights on 5 April 2014 - up to an overall maximum of £1.5 million. You will not lose individual protection 2014 by making further savings in to your pension scheme but any pension savings in excess of your protected LTA will be subject to a LTA charge.

Your application for individual protection 2014 must have been received by HM Revenue & Customs (HMRC) no later than 5 April 2017.

You can hold both fixed protection 2014 [1] and individual protection 2014 but you can't apply for them at the same time. You can also hold individual protection while holding either enhanced [2] protection or fixed [3] protection but you couldn't apply for individual protection if you already held primary [4] protection.

For more information about individual protection 2014 please click here [5].