Registered Pensions 2014

2014/15 2013/14
Lifetime allowance £1,250,000 £1,500,000
Annual allowance £40,000 £50,000
Annual allowance charge on excess 20%-45% 20%-45%
Maximum pension commencement lump sum 25% of pension benefit value
Lifetime allowance charge if excess drawn as cash, 55%
if excess drawn as income, 25%
Maximum relievable personal contribution, capped by the annual allowance and: 100% of relevant UK earnings or
£3,600 if greater
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ICAEW The Chartered Institute of Taxation ACCA IPG IR