Registered Pensions

  17/18 18/19
Lifetime allowance £1,000,000 £1,030,000
Money purchase annual allowance £4,000 £4,000
Annual allowance* £40,000 £40,000
Annual allowance charge on excess Applicable tax rate 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

* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income over £150,000

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ICAEW The Chartered Institute of Taxation ACCA IPG IR