This data relates to Personal Pensions. If you require specific company pension information, professional advice should be taken before taking any action. Contact us for more information.
| 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | |
| Lifetime Allowance | £1,030,000 | £1,055,000 | £1,073,000 | £1,073,000 | £1,073,100 | £No LA Charge |
| Annual Allowance | £40,000* | £40,000* | £40,000* | £40,000* | £40,000* | £60,000* |
| Annual Allowance Charge on Excess | 20%-45% | 20%-45% | 20%-45% | 20%-45% | 20%-45% | |
| Max. Relievable Personal Contributions, capped by the annual allowance and: | 100% of relevant UK earnings or £3,600 if greater | |||||
| Max. Pension Commencement Lump Sum | 25% of pension benefit value | 25% of pension benefit value | 25% of pension benefit value | 25% of pension benefit value | 25% of pension benefit value | |
| Lifetime Allowance Charge if excess drawn: | as lump sum: 55% | as lump sum: 55% | as lump sum: 55% | as lump sum: 55% | as lump sum: 55% | |
| as pension: 25% | as pension: 25% | as pension: 25% | as pension: 25% | as pension: 25% | ||
| Money Purchase Annual Allowance | £10,000 | £4,000 | £4,000 | £4,000 | £4,000 | £10,000 |
* Unused allowances from the previous three tax years (limited by the annual allowance) may be carried forward to increase the 2017/18 current year allowance. From 6th April 2016 onwards, there will be a reduction in the annual allowance by £1 for every £2 of adjusted income over £150,000 up to an upper limit of £210,000. From 6 April 2020, the threshold income will be over £200,000 and the adjusted income will be over £240,000. From 6 April 2020, the minimum level of which the annual allowance can taper down to will be reduced from £10,000 to £4,000.
Please contact us for further information.
