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Pensions

 

2012/13 (£)

2011/12 (£)

Lifetime allowance

1,500,000

*1,800,000

Lifetime allowance charge

55%

55%

 

25%

25%

Annual allowance

50,000

50,000

Annual allowance charge

40%

40%

Maximum relievable personal contribution

100% of UK earnings

100% of UK earnings

 

£3,600 if greater

£3,600 if greater

Maximum tax free cash

25% of pension benefit value

25% of pension benefit value

Government is proposed to bring in a limit of 25% of income for pensions tax relief from April 2013 for Top rate taxpayers.

 

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