Tax Rates 2023/24
|Annual Allowance (AA)*||£60,000||£40,000|
|Lifetime Allowance (LTA)||1,073,100||1,073,100|
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
*Usually tapered down, to a minimum of £10,000 (2022/23: £4,000), when adjusted income exceeds £260,000 (2022/23: £240,000).
In 2023/24 there is no LTA charge on excess pensions savings. The maximum tax-free pension lump sum is £268,275 (25% of LTA), unless a higher amount is “protected”.
|State pension (per week)||2023/24||2022/23|
|Old state pension||£156.20||£141.85|
|New state pension||203.85||185.15|