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State Pension data

UK pension saving statistics

Retirement Living Standards

Pension tax relief cost to government

Pension tax rules and allowances

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

Tapered annual allowance 'adjusted income' threshold

£260,000

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

Maximum tax-free lump sum

£268,275

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With pensions, your capital is at risk.

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© Copyright 2025 PensionBee Ltd. Company registration: 9354862. FCA Reference Number: 744931. Information Commissioner's Office registration: ZA131262. We use cookies to ensure that you get the best possible experience. By continuing to use our website you are agreeing to their use. Find out more about cookies.

PensionBee is authorised and regulated by the Financial Conduct Authority.
With pensions, your capital is at risk.

General enquiries: 020 3457 8444

General enquiries: contact@pensionbee.com
‍
‍Press: press@pensionbee.com

‍Partners: partnership@pensionbee.com

PensionBee, 209 Blackfriars Road, London, SE1 8NL

© Copyright 2025 PensionBee Ltd. Company registration: 9354862. FCA Reference Number: 744931. Information Commissioner's Office registration: ZA131262. We use cookies to ensure that you get the best possible experience. By continuing to use our website you are agreeing to their use. Find out more about cookies.