Registered Pensions

Lifetime allowance£1,000,000£1,000,000
Annual allowance*£40,000£40,000
Money purchase annual allowance£10,000£4,000
Annual allowance charge on excess20%–45%20%–45%
Max. pension commencement lump sum:25% of pension benefit value
Lifetime allowance charge if excess drawn:as cash 55% as income 25%
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income over £150,000.
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