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Article ID: 2169
Last updated: 26 Sep, 2019
Please note: that State Pension Lump sums are only available to persons that reached state retirement age before 6/4/16 Your state pension lump sum is taxed at the highest rate charged on other income received in the year. For example, if the highest rate of tax you pay is 20%, you'll pay 20% tax on the lump sum. You won't pay tax on a lump sum if your taxable income (excluding the lump sum) is less than your personal allowance. A state pension lump sum isn't added to your income to increase your total taxable income. For further information and guidance please see the HMRC website.
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