|
Allowable
Pension Contributions
|
|
Personal Pension Plan contribution limits
|
Age at start of tax year |
PPP* |
RAP |
|
35 or less
|
17.5% |
17.5%
|
|
36-45
|
17.5% |
20%
|
|
46-50
|
17.5% |
25%
|
|
51-55
|
20% |
30%
|
|
56-60
|
22.5% |
35%
|
|
61-75
|
27.5% |
40%
|
* No relief for contributions on earnings over £105,600
Contribution without net earnings £3600 gross pa.
|
2006/07 All Pensions:
-
Lifetime Allowance* - £1,500,000
-
Lifetime Allowance charge - 55% if excess drawn as cash
-
Lifetime Allowance charge - 25% if excess drawn as income
-
Annual Allowance - £215,000
-
Annual Allowance Charge - 40% of excess
-
Max Rax Relievable cont. - 100% of relevant UK earnings (or £3600)
-
Maximum Lump Sum* - 25% of pension benefit value
*Subject to protection for excess amount
|
| |
|
PPP notes
You can contribute monthly or in lump sums.
Plans vary in their construction, cost and flexibility.
Most offer a very valuable form of insurance called waiver of premium.
This means that if you cannot keep up your premiums because ill health
prevents you from working, you will receive a pension AS IF YOU HAD KEPT
PAYING.
We can help you select the contract most suited to your
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