Pensions
A private pension is taxed when the money comes out, not when it goes in, and the first withdrawal is where people lose the most: a quarter is tax-free, the rest is income, and HMRC's first bite is often the wrong size. These guides set out the rules with the dates they were checked. The State Pension has its own section under benefits.
Guides by topic
Tax on pensions
A quarter of a defined contribution pot is usually tax-free, up to £268,275. The rest is income, taxed at your marginal rate on top of the State Pension and anything else you get, and a large withdrawal in one tax year can be taxed at 40% on part of it. The first flexible payment is over-taxed on an emergency code and has to be claimed back.