| 22/23 | 21/22 |
Lifetime allowance | £1,073,100 | £1,073,100 |
Money purchase annual allowance | £4,000 | £4,000 |
Annual allowance* | £40,000 | £40,000 |
Annual allowance charge on excess is at applicable tax rate(s) on earnings | ||
Lifetime allowance charge if excess is drawn as cash 55%; as income 25% | ||
Pension commencement lump sum up to 25% of pension benefit value |
* Reduced by £1 for every £2 of adjusted income over £240,000 to a minimum of £4,000, subject to threshold income being over £200,000
West London
3 Brook Business Centre,
Cowley Mill Road,
Uxbridge, UB8 2FX
East London
London, E11 1GA
South London
London Bridge
73–81 Southwark Bridge Road,
London, SE1 0NQ
City London
London, EC2M 1JH
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.