Registered Pensions 2011

2011/12 2010/11
Lifetime allowance* £1,800,000 £1,800,000
Annual allowance £50,000** £255,000
Maximum relievable personal contribution 100% of relevant UK earnings or £3,600 if greater
Maximum pension commencement lump sum* 25% of pension benefit value
Lifetime allowance charge 55% if excess is drawn as cash25% if excess is drawn as income
Annual allowance charge on excess 20%-50% 40%
* Subject to transitional protection for excess amount.
** Eligible members of registered pension schemes may carry forward unused annual allowance of up to £50,000 a year for 3 tax years from 2008/09.
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ICAEW The Chartered Institute of Taxation ACCA IPG IR