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)||£1,030,000||£1,000,000||£1,000,000|
|Annual allowance (AA)||£40,000||£40,000||£40,000|
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||£125.95||£122.30||£119.30|
|Old state pension – Married couple||£201.45||£195.60||£190.80|
|New state pension †||£164.35||£159.55||£155.65|
† Applies to those reaching state retirement age after 5 April 2016.