Annual allowance

The annual limit on the amount of tax-relieved saving an individual can make in a registered pension scheme ( www.practicallaw.com/5-201-6474) . For the 2016/17 tax year, the annual allowance is £40,000 for most people. For high-income individuals, the annual allowance is tapered down to £10,000. Pension saving that exceeds the annual allowance triggers an annual allowance charge ( www.practicallaw.com/5-507-1382) . See also money purchase annual allowance ( www.practicallaw.com/2-603-1985) . (Section 228, Finance Act 2004.)

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