Tax rates & allowances
|Lifetime Allowance (LA)||£1,030,000||£1,000,000|
|Annual Allowance (AA)*||40,000||40,000|
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
*The AA is usually reduced by £1 for every £2 by which relevant income exceeds £150,000, down to a minimum AA of £10,000. The AA can be reduced to £4,000, where certain pension drawings have been made.
State pension (per week)
|Old state pension – Single person||£125.95||£122.30|
|Old state pension – Married couple||201.45||195.60|
|New state pension†||164.35||159.55|
†applies to those reaching state retirement age after 5 April 2016.