Tax rates & allowances

Pensions

Pensions

Registered Pensions

  2018/19 2017/18
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)

  2018/19 2017/18
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.

Tax rates 2018-2019PDF document