Registered pensions
|
23/24 |
22/23 |
Lifetime allowance* |
£1,073,100 |
£1,073,100 |
Money purchase annual allowance |
£10,000 |
£4,000 |
Annual allowance** |
£60,000 |
£40,000 |
Annual allowance charge on excess is at applicable tax rate(s) on earnings |
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Pension commencement lump sum up to 25% of pension benefit value (maximum £268,275 for 23/24) |
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* Lifetime allowance charge removed after 5 April 2023
** Reduced by £1 for every £2 of adjusted income over £260,000 (£240,000 for 22/23) to a minimum of £10,000, subject to threshold income being over £200,000
