| 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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