Pension Contributions2020-212019-20
Lifetime allowance£1,073,100£1,055,000
Maximum annual contribution£40,000£40,000
Tax on excessMarginal rateMarginal rate
Normal minimum pension age5555
Old State pension – per week**2020-212019-20
Single person £134.25£129.20 
 Addition for wife if non-contributor£80.45£77.45
New State Pension – per week2020-212019-20
Single person£173.75£167.25

 *The annual allowance is tapered for taxpayers whose income exceeds £240,000 (2019-20: £150,000).

The allowance is reduced by £1 for every £2 that an individual’s income exceeds £240,000 (2019-20: £150,000), down to a minimum of £4,000 (2019-20: £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. 


In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually, and unintentional errors can occur, and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don’t act directly on anything you read – contact us first for advice on how it may affect your individual circumstances.