Thinking of cashing in your pension? Work out how much tax will be taken

If you are considering cashing in your entire pension fund, this calculator works out the approximate tax that should be deducted based on 2019-20 tax allowances and is therefore a guide only.

Either use the slider or input figures direct into the boxes.

What is your annual salary?

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How big is your pension fund?

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*This is how much tax should be deducted:
This is what you are left with after tax:

Everyone’s circumstances are different but with careful planning, most people can reduce the amount of tax paid.


Grove is a specialist pension advisor with many years of experience. We can provide you with bespoke advice, in writing and at no cost. It is only if you decide to go ahead that we charge a fee.

  • State benefits
    If you claim state benefits they could be lost by cashing in your entire pension pot. We can help you avoid that problem.
  • If you have an existing pension being paid into
    Individuals who have current Defined Contribution pensions that they or their employer are paying into MUST inform the pension provider of any taxable lump sums taken out of any pension. This must be done within a specific time frame or you will be fined. Grove’s service includes doing this for you.
  • * This is how much tax should be deducted
    The figure above is calculated on an emergency tax basis by your pension provider so in most cases there is a process you have to go through to claim back the overpaid tax from HMRC;
    some circumstances mean you will have to pay more tax. Grove’s service includes helping you pay the correct amount of tax with minimal fuss.

IMPORTANT: The total gross pension pot assumes nothing has been released already. Tax payable has been calculated on the basis that 25% is tax free; the balance is taxed at your marginal rate and dependent on your personal circumstances and could change in the future. Please note there will be nothing left to pay income in retirement.