Registered Pensions
| 2014/15 | 2013/14 | ||||
| Lifetime allowance | £1,250,000 | £1,500,000 | |||
| Annual allowance | £40,000 | £50,000 | |||
| Annual allowance charge on excess | 20%-45% | 20%-45% | |||
| Maximum pension commencement lump sum | 25% of pension benefit value | ||||
| Lifetime allowance charge | if excess drawn as cash, 55% if excess drawn as income, 25% |
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| Maximum relievable personal contribution, capped by the annual allowance and: | 100% of relevant UK earnings or £3,600 if greater |
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