Applications to HM Revenue and Customs for Fixed Protection 2014 are now available online and via post.
Fixed protection was initially introduced to protect those who had built up a pension pot between £1.5m and £1.8m.
It is currently set at £1.5m but from 6 April 2014 it will reduce to £1.25m for the 2014/15 tax year.
Therefore it is important to apply now before the 5 April 2014 deadline in order to ensure that the lifetime allowance remains at the 2013/14 level.
Fixed Protection 2014 is available to individuals who do not already have primary, enhanced or fixed protection 2012.
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Failure to apply for Fixed Protection 2014 could result in a higher tax bill for savers with a 55 per cent lifetime allowance tax rate applied.
Bhargaw Buddhev, partner at Barnett Waddingham, said: "Those who fail to register for FP14 could face a considerable and unnecessary tax bill. An example would be of an individual with no protection and who has pension savings of £1.5m at retirement after 5 April 2014.
"They would be subject to an LTA tax charge on the excess savings of £250,000 over the standard LTA of £1.25m. With 55 per cent LTA tax rate, the tax would be £137,500. For someone just £50,000 over the new limit the bill would be £27,500."
Applicants can also apply for individual protection but not until after the deadline for fixed protection which is 5 April 2014.
HMRC has launched an online tool to help savers determine whether they qualify for Fixed Protection.