Pension
The basic and new State Pensions was uprated in line with CPI inflation in 2023/24. The pension rates for 2024/25 will be:
• For those who reach State Pension age on or after April 6: £221.20 up from £203.85
• The basic state pension: £169.50 per week up from £156.20
| Basic state pension | 20234/ 2025 | 2023 / 2024 |
|---|---|---|
| Single person per year | £8,814.00 | £8,122.40 |
| Spouses/civil partners per year | £5,280.60 | £4,867.20 |
| Maximum age for tax relief | 74 | 74 |
| Minimum age for taking benefits | 55 | 55 |
| Lifetime allowance charge – lump sum paid | % | 55% |
| Lifetime allowance | n/a | |
| Annual allowance | £60,000 | £60,000 |
| Maximum tax-free lump sum | 25% | 25% |
| Money Purchase Annual Allowance | £10,000 | £10,000 |
| Threshold Income Limit | £200,000 | £200,000 |
| Tapered Annual Allowance (applies when an individual has ‘adjusted income’ over this amount provided the ‘threshold income’ test is met) | £260,000 | £260,000 |
| Lumpsum allowance | £268,275 | 0 |
| Lumpsum and death benefit allowanace | £1,073,100 | |
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