Understanding how your retirement income will be taxed is an important part of developing your retirement income plan. This article explains the main points that you need to think about. Remember, tax can be complicated - you should always get tailored advice from an expert before acting.
The tax treatment depends on your individual circumstances and may be subject to change in future.
This information is based on our understanding of current taxation law and HM Revenue & Customs (HMRC) practice, which may change.