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You can take 25% of your pension pot as a tax-free lump sum.
You can choose to take a tax-free amount of 25% as one lump sum or as part of a series of lump sums. The remaining money in your pension pot will be taxed as income.
So, you’ll be taxed on your pension if all your income adds up to more than your personal allowance. Your personal allowance is the amount of income you can receive each tax year before you start paying income tax.
For the 2018/19 tax year, the standard personal allowance is currently £11,850.
You can use the pension annual allowance calculator on the government’s website to check if you have an annual allowance tax charge on your pension savings.
If you are a basic rate tax payer and receive a cash sum of £30,000:
Total cash sum you receive after tax £25,500.
If you die before you reach 75 and some or all of your pension remains invested, your beneficiaries can receive this money tax-free.
If you die after you reach 75, the money your beneficiaries take will be taxed at their income tax rate.
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