InvestAcc Pension Administration

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Happy New Tax Year

checking phone

Today marks the first day of the 2021/22 tax year.

Rates and allowances have remained the same as in the previous tax year:

  • Lifetime allowance £1,073,100.
  • Standard annual allowance £40,000 (this may be lower due to tapering).
  • Money purchase annual allowance £4,000 (for individuals who have flexibly accessed their pension savings).
  • Personal contributions are further limited to 100% of relevant UK earnings in the current tax year (subject to a minimum of £3,600).

Note that tax relieved pension contributions are only possible prior to age 75.

April 6th, 2021