I think one can only apply for protection if one's pension pot is already in excess of a new, lower, limit. If it accrues to more than the limit after its introduction then c'est la vie.
i.e. if your pension pot is >£1.0M and <1.25M when the £1.0 million cap comes in to place then you can protect it. If it's £999,999.99p at the time of the new limit, and still accruing, then you're 'stuffed'.
If it continues to accrue then of course your pension will still increase, but anything in excess of the limit will be (heavily) taxed.
Last edited by Willard Whyte; 31st Mar 2015 at 12:08.