Chartered Management Accountants | Milton Keynes
|Minimum age for taking benefits||55|
|Annual allowance *||£40,000|
|Annual allowance charge on excess||20%-45%|
|Lifetime allowance||£1.055 million|
|Lifetime allowance charge if excess drawn *||as cash 55% – if income 25%|
|Tapered annual allowance (applies to income over this amount) – amount including pension contributions||£150,000|
|Normal maximum tax-free lump sum||25%|
|Money purchase annual allowance||£4,000|
|Stakeholder/permitted pension contributions regardless of salary||£3,600|
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income (including employer pension contributions) over £150,000.
There may be an entitlement to a greater allowance if there are unused reliefs from the 3 earlier tax years. The relief may however be reduced to £4,000 if pension savings are accessed in the tax year.
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