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 2014/15 tax year, the standard lifetime allowance is set at £1.25 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. If a member had registered for neither of these forms of protection, he could register for fixed protection (www.practicallaw.com/6-507-1857) before 6 April 2013, or for fixed protection 2014 (www.practicallaw.com/3-537-0805) before 6 April 2014.