Enter your pension withdrawal amount

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Results

  Amount   Tax Rate Tax Due
Taxable amount after deducting 25% tax-free cash        
Tax free ?   @    
Basic rate ?   @    
Higher rate ?   @    
Additional rate ?   @    
Total Emergency Tax you could pay  

How to use this tool

This tool is to show you how much Emergency Tax you could pay on withdrawals from your pension pot. Emergency Tax is temporary and applies to your first withdrawal when we don’t hold your correct tax code.

If you're looking to cash in all of your pension in one go, then Emergency Tax could be calculated on the full withdrawal amount after the tax-free amount is deducted. If you pay too much or too little tax, it's your responsibility to check you've paid the right tax with HMRC.

  1. Enter in the amount you're looking to withdraw from your pension.
  2. The first 25% of your withdrawal will usually be paid tax-free.
  3. The tool will provide an estimate of the Emergency Tax you could pay on the remaining 75% of your withdrawal.
  4. Call us on 0800 012 1167 if you would like information on the options to take money from your pension.
  5. Visit Pension Wise, which offers free and impartial government guidance about your pension options.
Important information
Warning: The data being used for these calculations is excessively old and may be inaccurate. Please be careful in applying the results of any calculations.

The Emergency Tax amount shown should not be regarded as the final tax amount you will pay in the tax year as this tool does not take into account your individual circumstances.

If you have already made plans with the money you'll get from your pension, Emergency Tax could reduce this, so you may initially end up with less than you thought you would get. If you pay too much or too little tax, it's your responsibility to check you've paid the right tax with HMRC but you should note that your final tax calculation will take into account other sources of income you may have received.

This tool does not take into account changes for Scottish Rate tax payers as Emergency Tax is based on UK rates.

This tool should not be regarded as offering advice or any recommendation in relation to taking lump sums from your pension pot.

The first 25% of your withdrawal will usually be paid tax-free, but there may be situations where you may be entitled to less or more - please speak to your pension provider if you think this applies to you.

Tax rules require careful consideration and may not reflect your individual circumstances so your actual liability may be higher or lower. The information in this tool is based on our understanding of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice.

If you want more information about tax, please see our Tax and Allowances webpage or visit the HMRC website.

Prudential are not responsible for any loss suffered if you decide to act or not act as a result of information contained in this tool.

General guidance on our website

Chat with our consultants

Call us on 0800 012 1167 if you would like information on the options to take money from your pension. We’re open from 9am to 6pm, Monday to Friday.

Inputs

Pension withdrawal amount [~~~]

Results

Taxable amount after deducting 25% tax-free cash [~~~]
Tax free [~~~] @ [~~~] [~~~]
Basic rate [~~~] @ [~~~] [~~~]
Higher rate [~~~] @ [~~~] [~~~]
Additional rate [~~~] @ [~~~] [~~~]
Total Emergency Tax you could pay [~~~]

How to use this tool

This tool is to show you how much Emergency Tax you could pay on withdrawals from your pension pot. Emergency Tax is temporary and applies to your first withdrawal when we don’t hold your correct tax code.

If you're looking to cash in all of your pension in one go, then Emergency Tax could be calculated on the full withdrawal amount after the tax-free amount is deducted. If you pay too much or too little tax, it's your responsibility to check you've paid the right tax with HMRC.

  1. Enter in the amount you're looking to withdraw from your pension.
  2. The first 25% of your withdrawal will usually be paid tax-free.
  3. The tool will provide an estimate of the Emergency Tax you could pay on the remaining 75% of your withdrawal.
  4. Call us on 0800 012 1167 if you would like information on the options to take money from your pension.
  5. Visit Pension Wise(https://www.pensionwise.gov.uk/en), which offers free and impartial government guidance about your pension options.

Important Information

The Emergency Tax amount shown should not be regarded as the final tax amount you will pay in the tax year as this tool does not take into account your individual circumstances.

If you have already made plans with the money you'll get from your pension, Emergency Tax could reduce this, so you may initially end up with less than you thought you would get. If you pay too much or too little tax, it's your responsibility to check you've paid the right tax with HMRC but you should note that your final tax calculation will take into account other sources of income you may have received.

This tool does not take into account changes for Scottish Rate tax payers as Emergency Tax is based on UK rates.

This tool should not be regarded as offering advice or any recommendation in relation to taking lump sums from your pension pot.

The first 25% of your withdrawal will usually be paid tax-free, but there may be situations where you may be entitled to less or more - please speak to your pension provider if you think this applies to you.

Tax rules require careful consideration and may not reflect your individual circumstances so your actual liability may be higher or lower. The information in this tool is based on our understanding of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice.

If you want more information about tax, please see our Tax and Allowances webpage (https://www.pru.co.uk/pensions-retirement/help-guides-and-articles/tax-information/) or visit the HMRC website (https://www.gov.uk/browse/tax/income-tax).

Prudential are not responsible for any loss suffered if you decide to act or not act as a result of information contained in this tool.