When you’re 55 or older you can withdraw some or all of your pension pot, even if you’re not yet ready to retire.
The first 25% of the withdrawal is tax-free; the remainder is taxed as extra income. To find out how this works in detail, you can read our guide 'Should I take a lump sum from my pension?'
This calculator will help you figure out how much income tax you'll pay on a lump sum this tax year.
This calculator has been updated for the 2020-21 tax year. Use the 'Tax year' drop down to see how much you'll get from 6 April 2020.