Pensions
Pensions
| Tax Year | Lifetime Allowance | Annual Allowance | Money Purchase Annual Allowance |
|---|---|---|---|
| 2023/2024 | £1,073,100 | £60,000**** | £10,000 |
| 2024/2025 | £1,073,100* | £60,000**** | £10,000 |
* The Lifetime Allowance will be abolished in the 2024/25 tax year.
** For those with income over £110,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £150,000 subject to a minimum allowance of £10,000.
*** For those with income over £200,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £240,000 subject to a minimum allowance of £4,000.
**** For those with income over £200,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £260,000 subject to a minimum allowance of £10,000.