Registered Pensions

  18/19 19/20
Lifetime allowance £1,030,000 £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 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 £150,000 to a minimum of £10,000, subject to threshold income being over £110,000

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ICAEW The Chartered Institute of Taxation ACCA IPG IR