Personal Pensions (PPPs)
A completely new regime came into force as from 6th April 2006 (“A” Day). There are limits on the amount of contributions an individual can make into all registered pension schemes each year, as well as an overall lifetime maximum fund.
Maxim um Annual Allowance Cap – subject to 100% of qualifying earnings:
| 2009/10 | £235,000 |
| 2009/10 | £245,000 |
| 2010/11 | £255,000 |
Minimum pension age 50 (55 from 2010)
Tax-free lump sum: 25% of value of benefits subject to an overall maximum of a quarter of Statutory Lifetime Allowance (SLA) (i.e. 2009/10 tax-free lump sum maximum ¼ x £1.65m = £412,500)
Statutory Lifetime Allowance
| 2009/10 | £1.65m |
| 2009/10 | £1.75m |
| 2010/11 | £1.80m |
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