This summary shows the tax position you might be in at the end of the financial year. If you believe you have paid too much or too little tax you will need to discuss directly with the HMRC.
This summary shows your tax position as at today’s date for your initial payment, calculated using an emergency tax code. Note this only takes into account the pension pot amount and not any additional income. If you believe you have paid too much or too little tax you will need to discuss directly with the HMRC.
This calculator is intended to give a rough estimate of tax that may be due given the circumstances outlined above and the assumptions stated. The actual tax payable may well be lower or higher than that shown. If you believe you have paid too much or too little tax and would like to clarify how this will be refunded or repaid, please contact HMRC directly.
The calculations assume that you qualify for the standard Personal Allowance for the 2023/24 tax year and exclude National Insurance. There are no allowances made for Savings Allowance, Dividend Allowance or any benefits associated with your employment, all of which could have a significant impact on the tax due.
Emergency tax is based on UK rates.
This calculator should not be used to calculate the potential tax due if you are taking an uncrystallised fund pension lump sum (UFPLS) - which is a lump sum payment from your pension fund prior to converting it to either a drawdown or annuity product.
Since 6 April 2023, a cap has been put on how much tax-free lump sum you can take. The cap is currently £268,275. You may have a higher entitlement if you have protection from the Lifetime Allowance. This calculator will assume that you are entitled to the tax-free lump sum shown, so if the tax-free lump sum shown is higher than £268,275, you may want to check your tax-free lump sum entitlement.