Pension tax rules and allowances

The key limits on pension saving.

Normal Minimum Pension Age
55, rising to 57 in 2028
Annual allowance
2023
£60,000
2024
£60,000
Source
Tapered annual allowance 'adjusted income' threshold
£260,000
Source
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
Source
Maximum tax-free lump sum
£268,275
Source

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