Registered Pensions

2015/16 2014/15
Lifetime allowance £1,250,000 £1,250,000
Annual allowance £40,000 £40,000
Money purchase annual allowance £10,000 N/A
Annual allowance charge on excess 20%-45% 20%-45%
Maximum relievable personal contributions capped by the annual allowance and 100% of relevant UK earnings or £3,600 if greater.
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