Pension limits
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2008-09
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2007-08
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| Maximum fund value |
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£1,650,000
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£1,600,000
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| Annual maximum contribution |
£235,000
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£225,000
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| Maximum lump sum free-of-tax |
25%
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25%
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Benefits may be drawn from age  |
50
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50
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| No tax relief after age |
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74
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74
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| Contributions are tax deductible and exempt from employer's NICs |
Previously there was a completely different set of rules:
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2005-06
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Personal pension premium limits
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Retirement Annuity premium limits
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Age
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%
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Age
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%
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Up to 35
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17.5
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up to 50
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17.5
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36 to 45
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20
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51 to 55
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20
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46 to 50
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25
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56 to 60
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22.5
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51 to 55
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30
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61 and over
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27.5
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56 to 60
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35
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61 and over
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40
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Earnings cap
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£105,600
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| Personal Pension and Stakeholder contribution limit (unless earning give higher figure) |
£3,600
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Additional Voluntary Contributions' limit
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15% of current -year remuneration
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Small self-administered schemes
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| Members: |
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<12 |
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| Loans to company |
25% of assets for first two years, then 50%. Commercial interest |
| Purchase of property |
Market value price. Commercial rent |
| Shares |
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<30% of capital and <25% of fund for first 2 years, then 50% |
| Borrowing |
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<3x annual contributions and <45% of assets |
| Tax on withdrawal of approval |
40% |
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