(FA 2004, s. 214ff. and 227ff.)

(In-Depth: ¶386-000 and ¶384-000)

Since A-day, there have been no limits on the amount of pension savings an individual can have, but there are limits on the amount of tax relief that is available. These are the lifetime allowance and the annual allowance.

Year

Annual allowance limit(1)(2)(3)

£

Annual allowance income limit(4)

£

Money purchase annual allowance(5)

£

Lifetime allowance(6)(8)(9)(10)

£

Lifetime allowance charge(7)

2019–20

40,000

150,000

4,000

1,055,000

25% as pension; 55% as a lump sum

2018–19

40,000

150,000

4,000

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.