The Lifetime Allowance reduced from £1.5m to £1.25m on 6/4/2014. A client with funds of at least £1.25m at 5/4/2014 can apply for Individual Protection 2014 (before 5/4/2017) to protect a fund of up to £1.5m.
As from 6/4/2016, the Lifetime Allowance reduced further to £1m. Similar to the above, a client with funds of at least £1m at 5/4/2016 can apply for Individual Protection 2016 to protect a fund of up to £1.25m.
The Individual Protection calculator will calculate value of pension savings which includes any benefits that have not yet come into payment, benefits already tested against the SLA (i.e. taken since A Day), those that came into payment before 6th April 2006 and therefore may not have already been tested against SLA.