Pensions

Pension Contributions

2017-18

2016-17

Lifetime allowance

£1,000,000

£1,250,000

Maximum annual contribution

£40,000

£40,000

Tax on excess

Marginal rate

Marginal rate

Normal minimum pension age

55

55

Old State pension - per week**

2017-18

2016-17

Single person

£122.30

£119.30

Addition for wife if non-contributor

£73.30

£71.50

New State Pension – per week

2017-18

2016-17

Single person

£159.55

£155.65

 

From April 2016, the annual allowance is tapered for taxpayers whose income exceeds £150,000.
The allowance will reduce by £1 for every £2 that an individual's income exceeds
£150,000, down to a minimum of £10,000 for individuals with income of £210,000 or more.

**Retirees that reached the State Pension age before 6 April 2016,
will continue to receive the Old State Pension and not the New State Pension.

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