13.4 Damon is a member of a defined benefit registered pension scheme. On retirement, he will receive
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13.4 Damon is a member of a defined benefit registered pension scheme. On retirement, he will receive an annual pension equal to 1/60th of final salary for each year of pensionable service. He will also receive a lump sum equal to 3/80ths of final salary for each year of pensionable service.
At the start of the pension input period ending during tax year 2009-10, Damon's annual salary was £360,000 and he had accumulated 20 years of pensionable service. By the end of the period his salary had risen to £450,000. Calculate the annual allowance charge payable by Damon for 2009-10.
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