Registered Pensions

  16/17 17/18
Lifetime allowance £1,000,000 £1,000,000
Annual allowance* £40,000 £40,000
Money purchase annual allowance £10,000 £4,000
Annual allowance charge on excess  20%–45% 20%–45%
Max. pension commencement lump sum: 25% of pension benefit value
Lifetime allowance charge if excess drawn: as cash 55% as income 25%
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income over £150,000.
image