Registered Pensions

           

2019/20

2018/19

Lifetime allowance

£1,055,000

£1,030,000

Money purchase annual allowance

£4,000

£4,000

Annual allowance4

£40,000

£40,000

Annual allowance charge on excess 

Applicable tax rate on earnings

Lifetime allowance charge if excess is drawn

As cash 55%; as income 25%

Max. pension commencement lump sum

25% of pension benefit value

4 Reduced by £1 for every £2 of adjusted income over £150,000 to a minimum of £10,000, subject to threshold income being over £110,000

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