Eligibility
Annual AllowanceKeep informed
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Annual Allowance
The Annual Allowance is the maximum tax relievable contribution that can be made to the member’s pension scheme. This maximum is inclusive of any tax reclaim in respect of a member contribution.
The Annual Allowance for the next five years has been set as follows:
|
Tax Year
|
Annual Allowance (gross)
|
|
2006/2007
|
£215,000
|
|
2007/2008
|
£225,000
|
|
2008/2009
|
£235,000
|
|
2009/2010
|
£245,000
|
|
2010/2011
|
£255,000
|
If contributions made, exceed the Annual Allowance a tax charge of 40% will be levied on the excess amount by HMRC. This tax charge would be levied against the member.