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Pensions and ISAs

Pensions

There is no financial limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individuals UK relevant earnings or £3,600.

If total pension input exceeds the annual allowance of £50,000 there is a tax charge on the excess. 

 

Maximum age for tax relief        74
Maximum age for taking benefits        55
Lifetime allowance charge      
- lump sum paid                                                       55%
- Moneys retained       25%
On cumulative benefits exceeding £1,800,000
Maximum tax-free lump sum       25%*

* subject to transitional protection for excess amount

 ISAs:  Overall investment limit  £10,680
             Including Cash Maximum of  £5,340