Key pension facts

Lifetime allowance

Tax

The amount you can draw from a pension at retirement without incurring additional tax – set at £1,073,100 for 2020/21, though rising with consumer price inflation.

If you draw benefits in excess of this amount you will face an additional lifetime allowance ‘charge’; this is either a total tax of 55% if the excess amount is taken as a lump sum, or 25% on top of regular income tax if taken as a regular income (annuity or income drawdown).

See also our retirement planning and tax benefits of a pension blog posts.

We’ll never leave you high and dry

Our customer support team is rated "Excellent" and is always on hand to help you during the setup process and once you have your new pension. There are 3 ways you can contact us:
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Log in to our website and chat to us

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Email us on support@myraindrop.co.uk

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Call us on 02039517253