Registered Pensions

2016/17 2015/16
Lifetime allowance £1,000,000 £1,250,000
Annual allowance £40,000* £80,000
Annual allowance charge on excess 20%-45% 20%-45%
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income over £150,000.
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%
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ICAEW The Chartered Institute of Taxation ACCA IPG IR