Registered Pensions 2012

2012/13 2011/12
Lifetime allowance* £1,500,000 £1,800,000
Annual allowance £50,000 £50,00
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%
Maximum relievable personal contribution 100% of relevant UK earnings or £3,600, but subject to the annual allowance.
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ICAEW The Chartered Institute of Taxation ACCA IPG IR