Pension Contributions |
2024-25 |
2023-24 |
Lifetime allowance |
Abolished |
No charge |
Maximum annual allowance* |
£60,000 |
£60,000 |
Tax on excess |
Marginal rate |
Marginal rate |
Normal minimum pension age for private pensions |
55 Increasing to 57 from 6 April 2028 |
55 Increasing to 57 from 6 April 2028 |
Old State pension - per week** |
2024-25 |
2023-24 |
Single person |
£169.50 | £156.20 |
Addition for wife if non-contributor |
£101.55 |
£93.60 |
New State Pension – per week |
2024-25 |
2023-24 |
Single person |
£221.20 |
£203.85 |
The annual allowance is tapered for taxpayers whose income exceeds £260,000 (2023-24: £260,000). The allowance will reduce by £1 for every £2 that an individual’s income exceeds £260,000 (2023-24: £260,000), down to a minimum of £10,000 (2023-24: £10,000).
**Retirees that reached the State Pension age before 6 April 2016, continue to receive the Old State Pension and not the New State Pension.