Pensions
| Pension Contributions | 2020-21 | 2019-20 |
| Lifetime allowance | £1,073,100 | £1,055,000 |
| Maximum annual contribution | £40,000 | £40,000 |
| Tax on excess | Marginal rate | Marginal rate |
| Normal minimum pension age | 55 | 55 |
| Old State pension – per week** | 2020-21 | 2019-20 |
| Single person | £134.25 | £129.20 |
| Addition for wife if non-contributor | £80.45 | £77.45 |
| New State Pension – per week | 2020-21 | 2019-20 |
| Single person | £173.75 | £167.25 |
*The annual allowance is tapered for taxpayers whose income exceeds £240,000 (2019-20: £150,000).
The allowance is reduced by £1 for every £2 that an individual’s income exceeds £240,000 (2019-20: £150,000), down to a minimum of £4,000 (2019-20: £10,000).
**Retirees that reached the State Pension age before 6 April 2016, continue to receive the Old State Pension and not the New State Pension.
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