Tax Rates 2024/25
Spring Statement

Pensions

Registered Pensions 2024/25 2023/24
Annual Allowance (AA)* £60,000 £60,000

Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.

*Usually tapered down, to a minimum of £10,000, when adjusted income exceeds £260,000.

The maximum tax-free pension lump sum is £268,275, unless a higher amount is “protected”.

State pension (per week) 2024/25 2023/24
Old state pension £169.50 £156.20
New state pension 221.20 203.85