Understand tax charges

If you have a defined contribution pension and you’re thinking about a taking your whole pension pot in one go (in a single lump sum), it’s important to understand the tax charges.

The way your lump sum is taxed will depend on the size of your pension savings and whether you’ve already received cash from other pension savings.

Our pension lump sum tax calculator will help you understand what you could receive from your Phoenix Life Individual Pension Policy if you take it as a single lump sum.

 

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