Registered Pensions

 

20/21 19/20
Lifetime allowance £1,073,100 £1,055,000
Money purchase annual allowance £4,000 £4,000
Annual allowance* £40,000 £40,000
Annual allowance charge on excess   Applicable tax rate(s) on earnings
Lifetime allowance charge if excess is drawn as cash 55%; as income 25%
Max. pension commencement lump sum 25% of pension benefit value

* Reduced by £1 for every £2 of adjusted income over £240,000 (£150,000 for 19/20) to a minimum of £4,000 (£10,000 for 19/20), subject to threshold income being over £200,000 (£110,000)

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ICAEW The Chartered Institute of Taxation ACCA IPG IR