Tax rates & allowances

Pensions

Registered Pensions

  2017/18 2016/17
Lifetime allowance (LA) £1m £1m
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)

  2017/18 2016/17
Old state pension - Single person £122.30 £119.30
Old state pension - Married couple 195.60 190.80
New state pension † 159.55 155.65

† applies to those reaching state retirement age after 5 April 2016.

Tax rates 2017-2018PDF document