Pension Contributions

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

Registered Pensions2022/232021/22
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 excessApplicable tax rate on earningsApplicable tax rate on earnings
Lifetime allowance charge if excess drawnas cash 55%as income 25%
Max. pension commencement lump sum25% 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.

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.

  • Don’t hesitate to ask

    SBL are here to help. With accountancy advice and tax planning experts on hand to guide you and your business on the pathway to success! You can call us on 020 7580 6822, or email us on or if you’d prefer you can complete our Free Online Enquiry Form and one of the team will be in touch shortly.

    Don’t hesitate to ask

    Don’t hesitate to ask section

    • This field is for validation purposes and should be left unchanged.

    By submitting my details on this form, I consent to being contacted by a member of the SBL Accountants team by email or telephone. Privacy Policy