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Income from a pension is taxed as earned income. This will, therefore, depend on the amount of other income you are receiving and the amount that you cash in from your pension. Everyone’s circumstances are unique so you will need to seek the support of a financial planner to find out how much tax you will specifically pay and the strategies that could be implemented to ensure you only pay what you need to.
The value of pensions can fall as well as rise, you may get back less than you invested.
Tax treatment varies according to individual circumstance and is subject to change.