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Pension Contributions | 2023-24 | 2022-23 |
Lifetime allowance | abolished | £1,073,100 |
Maximum annual allowance* | £60,000 | £40,000 |
Tax on excess | Marginal rate | Marginal rate |
Normal minimum pension age for private pensions | 55 | 55 Increasing to 57 from 6 April 2028 |
Old State pension – per week** | 2023-24 | 2022-23 |
Single person | £156.20 | £141.85 |
Addition for wife if non-contributor | £93.60 | £85.00 |
New State Pension – per week | 2023-24 | 2022-23 |
Single person | £203.85 | £185.15 |
The annual allowance is tapered for taxpayers whose income exceeds £260,000 (2022-23: £240,000). The allowance will reduce by £1 for every £2 that an individual’s income exceeds £260,000 (2022-23: £240,000), down to a minimum of £10,000 (2022-23: £4,000).
**Retirees that reached the State Pension age before 6 April 2016, continue to receive the Old State Pension and not the New State Pension.
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