Registered Pensions
|
22/23 |
21/22 |
Lifetime allowance |
£1,073,100 |
£1,073,100 |
Money purchase annual allowance |
£4,000 |
£4,000 |
Annual allowance* |
£40,000 |
£40,000 |
Annual allowance charge on excess is at applicable tax rate(s) on earnings |
||
Lifetime allowance charge if excess is drawn as cash 55%; as income 25% |
||
Pension commencement lump sum up to 25% of pension benefit value |
* Reduced by £1 for every £2 of adjusted income over £240,000 to a minimum of £4,000, subject to threshold income being over £200,000