The following Pensions guidance note provides comprehensive and up to date legal information covering:
The annual allowance is the maximum amount by which the value of an individual’s pension savings across all the registered pension schemes of which they are a member may increase in any year without tax penalties arising. Employer contributions also count towards the annual allowance. Annual allowance figures are shown in the table below.
The annual allowance charge is levied where the annual allowance is exceeded.
For further information generally, see Practice Note: The annual allowance.
tapering for individuals with an ‘adjusted income’ in excess of £240,000 p.a. and a ‘threshold income’ in excess of £200,000 p.a. Tapering will be a reduction of £1 for every £2 by which their income exceeds £240,000, subject to a maximum reduction of £36,000 for those with an adjusted income of £312,000 p.a. or more, and
money purchase annual allowance of £4,000
tapering for individuals with an ‘adjusted income’ in excess
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