Pensions

Pension Contributions

2018-19

2017-18

Lifetime allowance

£1,030,000

£1,000,000

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**

2018-19 

2017-18 

Single person

 £125.95 £122.30 

 Addition for wife if non-contributor

£75.50

£73.30

New State Pension – per week

2018-19 

2017-18 

Single person

£163.00

£159.55

 

*The annual allowance is tapered for taxpayers whose income exceeds £150,000.
The allowance is reduced 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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