Pension Contributions 2024-25 2023-24
Lifetime allowance Abolished No charge
Maximum annual allowance* £60,000 £60,000
Tax on excess Marginal rate Marginal rate
Normal minimum pension age for private pensions 55 – Increasing to 57 from 6 April 2028 55 – Increasing to 57 from 6 April 2028
Old State pension – per week** 2024-25 2023-24
Single person  £169.50 £156.20
Addition for wife if non-contributor £101.55 £93.60
New State Pension – per week 2024-25 2023-24
Single person £221.20 £203.85

The annual allowance is tapered for taxpayers whose income exceeds £260,000 (2023-24: £260,000). The allowance will reduce by £1 for every £2 that an individual’s income exceeds £260,000 (2023-24: £260,000), down to a minimum of £10,000 (2023-24: £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.


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