Pensions
Registered Pensions
| 2015/16 | 2014/15 | |
|---|---|---|
| Lifetime allowance (LA) | £1.25m | £1.25m |
| Annual allowance (AA) | 40,000 | 40,000 |
| LA charge if excess drawn as | cash 55%/income 25% | |
| AA charge on excess inputs | 20%-45% | |
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
State pension
| 2015/16 | 2014/15 | |
|---|---|---|
| Single person | £115.95 | £113.10 |
| Married couple | 185.45 | 180.90 |