2018/19 Pensions
There is no financial limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an Individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600 (gross). If total pension input exceeds the annual allowance (£40,000) there may be a tax charge on the excess. The annual allowance may be reduced where adjusted income exceeds £150,000. A £4,000 limit may apply where money purchase pensions are accessed.
| Maximum age for tax relief | 74 |
| Minimum age for taking benefits | 55 |
| Lifetime allowance charge – lump sum paid | 55% |
| Lifetime allowance charge – monies retained | 25% |
| on cumulative benefits exceeding | £1,030,000* |
*Subject to transitional protection for excess amount.
