Pensions

Written By Nicky Parker
REGISTERED PENSIONS2022/232021/22
Lifetime Allowance (LA)£1,073,100£1,073,100
Annual Allowance (AA)*£40,000£40,000

Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.

* Usually tapered down, to a minimum of £10,000 (2022/23: £4,000), when adjusted income exceeds £260,000 (2022/23: £240,000).

In 2023/24 there is no LTA charge on excess pension savings. The maximum tax-free pension lump sum is £268,275 (25% of LTA), unless a higher amount is ‘protected’.

STATE PENSION (PER WEEK)2023/242022/23
Old state pension - single person£156.20£141.85
New state pension +£203.85£185.15

+ Applies to those reaching state retirement age after 5 April 2016.

Nicky Parker

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