Pension emergency tax refund checker
Took money out of your pension? See how much tax was likely over-deducted, and exactly how to get it back.
The gross amount, before any tax was taken off.
Yearly: State Pension, any salary, other pensions, rent. Not this withdrawal.
From your payment statement. Without it we use what the emergency basis normally takes.
How the emergency code over-taxes a withdrawal
On the emergency code, month 1 basis, your provider gives you one twelfth of the personal allowance and one twelfth of each tax band for that payment alone. A £20,000 withdrawal is taxed as if you earned £20,000 every month — so most of the taxable part is charged at 40% or 45%, even if your real income for the year keeps you a basic-rate taxpayer.
The checker works out both figures: what the emergency basis normally deducts, and what the withdrawal really costs on top of your other income for 2026/27. The difference is what you are likely owed. If you have your payment statement, enter the tax actually deducted for an exact answer.
Questions people ask
Why was so much tax taken from my pension withdrawal?
Your provider usually has no tax code for you on a first flexible payment, so it uses an emergency code on a month 1 basis. That treats a one-off lump sum as if you would be paid the same every month, so much of it falls into the higher and additional rate bands.
Which form do I use to claim it back?
P55 if the payment did not empty your pot and you will not take more this tax year; P53Z if you emptied the pot and have other taxable income; P50Z if you emptied the pot, have stopped work and get no taxable benefits. If regular payments continue, you usually need no form — HMRC corrects your code and the refund comes through later payments.
What happens if I do nothing?
HMRC checks your tax after the tax year ends and will refund an overpayment then, but that can mean waiting many months. Claiming now gets the money back sooner.
Does taking money out affect future pension contributions?
Usually, yes. Taking taxable money flexibly triggers the Money Purchase Annual Allowance: future tax-relieved contributions to money-purchase pensions are capped at £10,000 a year. Taking only tax-free cash does not trigger it, and nor do small-pot lump sums.
Related
The pension lump sum calculator works out the tax before you withdraw, and the drawdown calculator plans income over several years. For free, impartial guidance on your options, see Pension Wise. This is information, not advice.