Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Annual allowance definition

What does Annual allowance mean? The annual allowance is the yearly cap on tax‑relieved pension saving for a UK individual across all registered pension schemes. It is defined in the Finance Act 2004 (as amended) and applies UK‑wide (England & Wales, Scotland and Northern Ireland). The standard annual allowance is £60,000 per tax year. If the individual’s total pension input amount exceeds this, the excess is taxed on the individual via the annual allowance charge. For defined contribution schemes, the pension input amount is the total contributions (employee and employer). For defined benefit schemes, it is the statutory measure of the increase in accrued...

UK pensions tax: annual allowance (standard, tapered and MPAA), calculations and charges, carry forward, pension input periods, Scheme Pays, deferred member carve-out, and 2015/16 transitional rules

Published by a LexisNexis Pensions expert

Practice notes

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FORTHCOMING DEVELOPMENT :

Under section 10 of the Finance Act 2022, the normal minimum pension age (NMPA) is set to rise from 55 to 57 with effect from 6 April 2028, excluding members of the public service schemes for firefighters, police and the armed forces. It also introduces a right for members of registered pension arrangements to access benefits before 57 where, on or before 4 November 2021, they already held an ‘unqualified right’ to do so, or were actively transferring to a scheme that, by that date, offered an unqualified right to a protected pension age below 57. To rely on this 2028 protection, the scheme’s rules must have, as at 11 February 2021, conferred an unqualified right to draw scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 22/05/2026

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