This pension income tax calculator has been designed to help you decide whether or not you wish to take your pension fund as a lump sum, rather than purchase an annuity, based on the new pension freedoms introduced in April 2015.
Please remember the amount you take as a pension lump sum (after payment of your Pension Commencement Lump Sum) will be added to your income in the tax year it is taken and would be taxable at your marginal rate of tax. This could mean you will pay higher rate tax on your income for that year.
Please note that Retirement Line are not tax specialists and work on a non-advised basis. The pension tax calculator is for your convenience only and should not be relied upon for its accuracy. It uses income tax bands for the UK (excluding Scotland). If you have any concerns, please contact a professional accountant or an independent financial adviser.
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