Pension Contributions

There is no financial limit on the amount that may be contributed to a registered pension scheme.

Registered Pensions2017/182016/17
Lifetime allowance£1,000,000£1,000,000
Annual allowance*£40,000 £40,000
Money purchase annual allowance£4,000£10,000
Annual allowance charge on excess20%-45%20%-45%
Maximum persion commencement lump sum25% of pension benefit value
Lifetime allowance charge if excess drawnas cash 55%as income 25%
* Subject to 50% taper down to £10,000 if threshold income over £110,000 and adjusted income of over £150,000.

State Pensions2017/18 WeeklyAnnual2016/17 WeeklyAnnual
Single tier*£159,55£8,296.60£155.65£8,093.80
Basic - single person**£122,30£6,359.60£119.30£6,203.60
Basic - spouse/civil partners**£73.30£3,811.60£71.50£3,718.00
* State pension age reached after 5/04/16.

** State pension age reached before 6/04/16.

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