Please note the M&G funds are priced as at 06/12/18 and will be updated on the 11/12/18 due to no price being issued.
We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.
Please be aware the Canada Life International offices will be closed from 9am Monday 24th December, re-opening at 9am on Thursday 27th December. Then closing from 9am on Monday 31st December and re-opening at 9am on Wednesday 2nd January 2019.

Pension Tax Calculator

Tempting as it is for your clients to take their pension fund as cash, beware the sting in the tail – while they can normally take a 25% tax-free lump sum, remember they’ll pay tax on the rest (at a rate linked to all income received in that year).

Our calculator shows them the amount and percentage rate of income tax payable on their pension fund if it is withdrawn in addition to other taxable income.

Please enter figures without commas i.e. 54000

Information provided on this calculator is for illustrative purposes only

£
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£
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Results

Total tax payable on cash lump sum withdrawal:

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{{taxPercentage() | number:0}}% of pension fund after tax-free cash subject to tax

Notes

  1. Figures based on income tax limits for tax year 2018/19
  2. No allowance made for blind person or married persons allowance
  3. The calculator assumes that 25% tax-free cash has been taken
  4. Information provided on this calculator is for illustrative purposes only. Do not make any major financial decisions without consulting a qualified specialist such as an accountant or financial adviser.
Rate Min Value Max Value Income taxable Amount Total Taxable Amount Tax on Income Tax on Total Tax on Pension
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Rate Min Value Max Value Income taxable Amount Total Taxable Amount Tax on Income Tax on Total Tax on Pension
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This calculator uses UK income tax calculations – excluding Scotland

This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.