Pension tax rules and allowances | Pension Statistics Dashboard

The key limits on pension saving.

Normal Minimum Pension Age

55, rising to 57 in 2028

Annual allowance

2023

£60,000

2024

£60,000

Tapered annual allowance 'adjusted income' threshold

£260,000

Money Purchase Annual Allowance

£10,000

*This is the amount you can contribute tax-free after you have started to draw an income from your pension

Lifetime Allowance

2022

£1,703,100

2023 onwards

Abolished

Maximum tax-free lump sum

£268,275

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