Pension premiums

Pension premiums

Minimum age for taking benefits    55
Annual allowance    £40,000
Lifetime allowance   £1,000,000 
Normal maximum tax-free lump sum  25%
Money purchase annual allowance  £4,000

Annual allowance

There may be entitlement to a greater allowance if there are unused reliefs from the 3 earlier tax years. The relief may however be reduced to £10,000 if pension savings are accessed.


View our online calculators >

We have a range of calculators to help you to check and plan your finances

Read our limited companies guide >

It’s totally free, and gives you advice and guidance around setting up as a contractor or freelancer.