Pensions
| Registered Pensions | 2023/24 | 2022/23 |
|---|---|---|
| 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 |