Return to Where do I go? TAX - THE FACTS
There are tax implications when you take your retirement savings as cash
Click on of the headings below for help:
If you take your retirement savings as cash, it is treated as income and you will ultimately be taxed at your marginal rate.

Where we do not hold a valid tax code for you, HMRC instruct us to deduct tax using an Emergency Tax code.

The Emergency Tax code assumes your taxable sum is going to be received monthly. This might mean you could pay up up to 45% tax on this lump sum.

You will ultimately receive back any overpaid tax. As soon as we have made the payment, you can call HMRC on 0300 200 3300 to establish how to go about getting the tax back.
 
If you want to find out more about how a lump sum willbe taxed:
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