This data relates to Personal Pensions. If you require specific, company pension information you should seek advice.
| 2020/21 | 2021/22 | 2022/23 | |
| Lifetime Allowance | £1,073,100 | £1,073,000 | £1,073,000 |
| Annual Allowance | £40,000* | £40,000* | £40,000* |
| Annual Allowance Charge on Excess | 20%-45% | 20%-45% | 20%-45% |
| Max. Relievable Personal Contributions, capped by the annual allowance and: | 100% of relevant UK earnings or £3,600 if greater | ||
| Max. Pension Commencement Lump Sum | 25% of pension benefit value | 25% of pension benefit value | 25% of pension benefit value |
| Lifetime Allowance Charge if excess drawn: | as lump sum: 55% | as lump sum: 55% | as lump sum: 55% |
| as pension: 25% | as pension: 25% | as pension: 25% | |
| Money Purchase Annual Allowance | £4,000 | £4,000 | £4,000 |
* Unused allowances from the previous three tax years (limited by the annual allowance) may be carried forward to increase the 2017/18 current year allowance. From 6th April 2016 onwards, there will be a reduction in the annual allowance by £1 for every £2 of adjusted income over £150,000 up to an upper limit of £210,000. From 6 April 2020, the threshold income will be over £200,000 and the adjusted income will be over £240,000. From 6 April 2020, the minimum level of which the annual allowance can taper down to will be reduced from £10,000 to £4,000.
Disclaimer: This App and its contents have been produced as a helpful reference point. The information should be used as a guide only and your specific circumstances are best discussed directly with us.
No reliance should be placed on this material and no action should be taken without seeking the appropriate professional or legal advice. Although the authors make reasonable efforts to ensure the content of this App is accurate and up-to-date, the authors make no representations, warranties or guarantees that the content is accurate, complete or up-to-date and the authors accept no responsibility whatsoever for any loss occasioned by anyone acting on information within this App.