Tax rates & allowances
|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)
|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.