Welcome to Simia Farra & Company

Pensions

Pension Contributions 2016-17 2015-16
Lifetime allowance £1,000,000 £1,250,000
Maximum annual contribution £40,000 £40,000
Tax on excess Marginal rate Marginal rate
Normal minimum pension age 55 55
Basic State Pension – per week 2016-17 2015-16
Single person £119.30 £115.95

 

From April 2016, the annual allowance is tapered for taxpayers whose income exceeds £150,000.
The allowance will reduce by £1 for every £2 that an individual’s income exceeds
£150,000, down to a minimum of £10,000 for individuals with income of £210,000 or more.

 

Disclaimer
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