The 2015 pension freedoms allows you to now take your pension savings as a one off payment or in a series of irregular payments. If you are considering this, you need to bear in mind how much tax you will need to pay.

Our pension tax calculator looks at how much you will have earned in the current tax year and determines how much tax is likely to be due, should you choose to take a one off payment from your pension.

In all instances we recommend you seek professional financial advice to understand your personal situation.

What should I do next?

Knowing how much tax you may have to pay for withdrawing cash from your pension helps you plan to ensure you don't pay tax unnecessarily.

We do not provide financial advice, but you could get help with your retirement planning from a financial adviser. You can find impartial details of advisers on thepfs.org or unbiased.co.uk website.