Disclaiming
The 2011 Coalition Government draft proposal for Lords reform "provides that a person who holds a life peerage may at any time disclaim that peerage by writing to the Lord Chancellor. The person will be divested of all rights and interests attaching to peerage."
However, in the same as other Lords Reform Proposals, it has not been put through the process to become an Act of Parliament yet. Further, the proposal is unlikely to hold, due to the greater Conservative amount in both Houses of Parliament, and with other parties against such including the Labour Party.
Read more about this topic: Life Peer (United Kingdom)