There is no financial limit on the amount that may be contributed to a registered pension scheme.
| Registered Pensions | 2022/23 | 2021/22 |
|---|---|---|
| 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 excess | Applicable tax rate on earnings | Applicable tax rate on earnings |
| Lifetime allowance charge if excess drawn | as cash 55% | as income 25% |
| Max. pension commencement lump sum | 25% of pension benefit value | |
| State Pensions | 2017/18 Weekly | Annual | 2016/17 Weekly | Annual |
|---|---|---|---|---|
| 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 before 6/04/16.
