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The estimated exchequer cost arising from income tax relief on contributions made to private pensions, and relief on the investment returns to private pensions in 2013-14 was £34.3bn[1]<\/sup><\/sup>. Income tax on pensions in payment in the same year was £13.1bn, resulting in a net cost of pensions tax relief of £21.2bn in 2013-14.<\/p> <\/p> <\/p> <\/p> The proportion of the cost of income tax relief on pension contributions for varying income ranges and years, is provided in the table below.<\/p> <\/p> % of the cost of income tax relief on contributions<\/p><\/td><\/tr> Income bands<\/p><\/td> 2009-10<\/p><\/td> 2010-11<\/p><\/td> 2011-12<\/p><\/td> 2012-13<\/p><\/td> 2013-14<\/p><\/td> 2014-15<\/p><\/td><\/tr> Up to £19,999<\/p><\/td> 8%<\/p><\/td> 6%<\/p><\/td> 5%<\/p><\/td> 6%<\/p><\/td> 5%<\/p><\/td> 5%<\/p><\/td><\/tr> Between £20,000 and £44,999<\/p><\/td> 31%<\/p><\/td> 32%<\/p><\/td> 35%<\/p><\/td> 37%<\/p><\/td> 37%<\/p><\/td> 36%<\/p><\/td><\/tr> Between £45,000 and £74,999<\/p><\/td> 25%<\/p><\/td> 26%<\/p><\/td> 28%<\/p><\/td> 32%<\/p><\/td> 33%<\/p><\/td> 34%<\/p><\/td><\/tr> Between £75,000 and £99,999<\/p><\/td> 7%<\/p><\/td> 8%<\/p><\/td> 8%<\/p><\/td> 10%<\/p><\/td> 10%<\/p><\/td> 10%<\/p><\/td><\/tr> Between £100,000 and £149,999<\/p><\/td> 8%<\/p><\/td> 9%<\/p><\/td> 9%<\/p><\/td> 7%<\/p><\/td> 8%<\/p><\/td> 8%<\/p><\/td><\/tr> £150,000 or more<\/p><\/td> 20%<\/p><\/td> 18%<\/p><\/td> 14%<\/p><\/td> 8%<\/p><\/td> 7%<\/p><\/td> 7%<\/p><\/td><\/tr> All<\/p><\/td> 100%<\/p><\/td> 100%<\/p><\/td> 100%<\/p><\/td> 100%<\/p><\/td> 100%<\/p><\/td> 100%<\/p><\/td><\/tr><\/tbody><\/table> <\/p> <\/p> <\/p> Estimates are based on Surveys of Personal Incomes with projections for 2012-13 onwards. Projected years are subject to uncertainty.<\/p> <\/p> <\/p> <\/td>