Registered Pensions
| 19/20 | 18/19 | |
| Lifetime allowance | £1,055,000 | £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(s) 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 | ||
