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Pensions

Pension Contributions

2017-18

2016-17

Lifetime allowance

£1,000,000

£1,250,000

Maximum annual contribution

£40,000

£40,000

Tax on excess

Marginal rate

Marginal rate

Normal minimum pension age

55

55

Old State pension - per week**

2017-18

2016-17

Single person

£122.30

£119.30

Addition for wife if non-contributor

£73.30

£71.50

New State Pension – per week

2017-18

2016-17

Single person

£159.55

£155.65

 

From April 2016, the annual allowance is tapered for taxpayers whose income exceeds £150,000.
The allowance will reduce by £1 for every £2 that an individual's income exceeds
£150,000, down to a minimum of £10,000 for individuals with income of £210,000 or more.

**Retirees that reached the State Pension age before 6 April 2016,
will continue to receive the Old State Pension and not the New State Pension.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don’t act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

 

 

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