We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.

Pension Tax Calculator

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

Our calculator shows you the amount and percentage rate of income tax payable on your pension fund if it is withdrawn in addition to other taxable income.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

£
{{userInfo.income | currency:"£"}}
£
{{userInfo.pensionwithdrwal | currency:"£"}}

Results

Total tax payable on cash lump sum withdrawal:

{{totaltax() | currency:" £"}}

{{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
{{band.rate}} {{band.minvalue}} {{band.maxvalue}} {{band.taxableamountincome}} {{band.taxableamounttotal}} {{band.amountoftaxincome}} {{band.amountoftaxtotal}} {{band.taxonpension}}
{{taxbands|sumByKey:'taxableamountincome'}} {{taxbands|sumByKey:'taxableamounttotal'}} {{taxbands|sumByKey:'amountoftaxincome'}} {{taxbands|sumByKey:'amountoftaxtotal'}} {{taxbands|sumByKey:'taxonpension'}}

Rate Min Value Max Value Income taxable Amount Total Taxable Amount Tax on Income Tax on Total Tax on Pension
{{band.rate}} {{band.minvalue}} {{band.maxvalue}} {{band.taxableamountincome}} {{band.taxableamounttotal}} {{band.amountoftaxincome}} {{band.amountoftaxtotal}} {{band.taxonpension}}
{{basetaxbands|sumByKey:'taxableamountincome'}} {{basetaxbands|sumByKey:'taxableamounttotal'}} {{basetaxbands|sumByKey:'amountoftaxincome'}} {{basetaxbands|sumByKey:'amountoftaxtotal'}} {{basetaxbands|sumByKey:'taxonpension'}}

This calculator uses UK income tax calculations – excluding Scotland

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.