The government is to consult on offering an individual protection regime for when then annual allowance is cut to £1.25m in 2014.
Announced in today's Budget, the government said it will offer an individual protection regime, in addition to existing fixed protection, for anyone with pension rights above £1.25m at the time when it reduces. It said it will consult on the detail for the regime in the coming months of 2013 and legislation will be included in Finance Bill 2014. Chancellor George Osborne announced the reduction in the lifetime allowance from £1.5m to £1.25m in last December's Autumn Statement.
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