Personal Pensions & Retirement Annuity Premiums
Planning for your future or setting pension plans for your business and employees can be complex – that’s why Franklin Underwood provide a comprehensive service to assist you with Personal Pensions and Retirement Annuity Premiums.
|Lifetime allowance (LA)||£1.00m||£1.00m|
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
*The AA is usually reduced by £1 for every £2 by which relevant income exceeds £150,000, down to a minimum AA of £10,000. The AA can be reduced to £4,000, where certain pension drawings have been made.
State pension (per week)
|Old state pension – Single person||£122.30||£119.30|
|Old state pension – Married couple||195.60||190.80|
|New state pension†||159.55||155.65|
†Applies to those reaching state retirement age after 5 April 2016.