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- For example, if you earn £20,000 but put £25,000 into your pension pot (perhaps by topping up earnings with some savings), you will only get tax relief on £20,000.
- Similarly, if you earn £60,000 and want to put that amount in your pension scheme in a single year, tax rules mean you will normally only get tax relief on £40,000. Any contributions you make over £40,000 will be subject to Income Tax at the highest rate you pay, unless you have carry forward unused allowances from the previous three years, and were a member of a pension scheme during those years.
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Lifetime allowance for Pension savings
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How much is the Lifetime Allowance?
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Does it apply to me?
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- For defined contribution pension schemes, including all personal pensions, the value of your benefits will be the value of your pension pot used to fund your retirement income and any lump sum
- For defined benefit pension schemes, you calculate the total value by multiplying your expected annual pension by 20. In addition, you need to add to this the amount of any tax-free cash lump sum if it is additional to the pension. So you are likely to be affected by the lifetime allowance in 2017-18 if you are on track for a final salary pension (with no separate lump sum) of more than £50,000 a year or a salary-related pension over £37,500 plus the maximum tax-free cash lump sum.
What are the charges if I exceed the Lifetime Allowance?
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What is my allowance for regular retirement income?
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What are my options to manage Lifetime Allowance?
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What protections are there for Lifetime Allowance?
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How am I protected under Fixed Protection 2016 (FP2016)?
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How am I protected under Individual Protection 2016 (IP2016)?
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