The total amount of pension saving by an individual within a registered pension scheme ( www.practicallaw.com/5-201-6474) that receives favourable tax treatment. The lifetime allowance was introduced by the Finance Act 2004. For the 2016/17 tax year, the standard lifetime allowance is set at £1 million. For members with pension rights that accrued before 6 April 2006, transitional protection against a lifetime allowance charge ( www.practicallaw.com/8-507-1314) was available in the form of primary protection ( www.practicallaw.com/4-204-0648) or enhanced protection ( www.practicallaw.com/resource.do?item=:24669314), but members had to register for this before 6 April 2009. The lifetime allowance has been reduced on three occasions in recent years and further forms of transitional protection are available for individuals adversely affected by the reduction.