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Investment wrappers

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Key pension facts

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Regulation

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Types of pensions

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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.

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Raindrop ® is a trading name of Raindrop Technologies Holdings Ltd (FRN: 931052) an Appointed Representative of Resolution Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN: 574048). Raindrop Technologies Holdings Ltd is registered in England and Wales. Number: 12431555. Registered office: Runway East London Bridge, 20 St Thomas Street, London SE1 9RS, UK.