| Income tax rates |
2018 / 2019 |
2017 / 2018 |
|---|
| Band |
Taxable income |
Tax rate |
Tax rate |
| Personal Allowance |
Up to £11,500 |
0% |
0% |
| Basic rate |
£11,501 to £45,000 |
20% |
20% |
| Higher rate |
£45,001 to £150,000 |
40% |
40% |
| Additional rate |
over £150,000 |
45% |
45% |
| Basic State Pension |
2018 / 2019 |
2017 / 2018 |
|---|
| New State Pension |
£164.35 p.w. |
£159.55 p.w. |
| Old State Pension |
£125.95 p.w. |
£122.30 p.w. |
| Limits to tax efficient pension savings |
2018 / 2019 |
2017 / 2018 |
|---|
| Annual Allowance |
£40,000 |
£40,000 |
| Tapered Annual Allowance applies to those with taxable income in excess of: |
£150,000 |
£150,000 |
| Money Purchase Annual Allowance |
£4,000 |
£4,000 |
| Lifetime Allowance |
£1,030,000 |
£1,000,000 |
Scheme Specific Earnings Cap
|
£150,600 |
£145,800 |
| CARE Section contribution rates - 2018 / 2019 |
|---|
| Selected basic contribution rate (% of pensionable pay) |
Build rate |
Accrual |
| 5.50% |
1.00% |
1/100th |
| 7.00% |
1.25% |
1/80th |
| 8.50% |
1.43% |
1/70th |
| 10.00% |
1.67% |
1/60th |
| Age related (reviewed in March of each year). |
1.82% |
1/55th |
You can increase/decrease your elected contribution rate and build rate once a year on 1 April by completing a ‘Build rate change form’. This form can be download from the Document library section of the website.
| CARE Age-related contribution rates |
|---|
| Member's age
| Member contribution rate
|
|---|
| 16
| 11.2%
|
| 17
| 11.3%
|
| 18
| 11.3%
|
| 19
| 11.3%
|
| 20
| 11.3%
|
| 21
| 11.4%
|
| 22
| 11.4%
|
| 23
| 11.4%
|
| 24
| 11.5%
|
| 25
| 11.5%
|
| 26
| 11.5%
|
| 27
| 11.6%
|
| 28
| 11.6%
|
| 29
| 11.6%
|
| 30
| 11.7%
|
| 31
| 11.7%
|
| 32
| 11.7%
|
| 33
| 11.8%
|
| 34
| 11.8%
|
| 35
| 11.8%
|
| 36
| 11.9%
|
| 37
| 11.9%
|
| 38
| 11.9%
|
| 39
| 12.0%
|
| 40
| 12.0%
|
| 41
| 12.1%
|
| 42
| 12.1%
|
| 43
| 12.2%
|
| 44
| 12.2%
|
| 45
| 12.3%
|
| 46
| 12.3%
|
| 47
| 12.4%
|
| 48
| 12.4%
|
| 49
| 12.5%
|
| 50
| 12.5%
|
| 51
| 12.6%
|
| 52
| 12.7%
|
| 53
| 12.7%
|
| 54
| 12.8%
|
| 55
| 12.9%
|
| 56
| 13.0%
|
| 57
| 13.0%
|
| 58
| 13.1%
|
| 59
| 13.2%
|
| 60
| 13.3%
|
| 61
| 13.4%
|
| 62
| 13.4%
|
| 63
| 13.5%
|
| 64
| 13.6%
|
| 65
| 13.5%
|
| 66
| 13.4%
|
| 67
| 13.2%
|
| 68
| 13.1%
|
| 69
| 13.0%
|
Note:
- These rates apply for members in the CARE section of the AA Pension Scheme who have chosen the 55ths accrual rate.
- The table above shows the total member contribution rate.
- The rates are expressed as a percentage of pensionable pay.
- These rates apply from 1 April 2018 to 31 March 2019.
|
