how much tax will i pay

worried123

however, i am thinking that as it is a work pension that it might still go to payroll??

molerat

If it is with an outside provider they will most likely pay it themselves after deducting 20% tax.  Even if it is paid through payroll, which is only likely if they normally pay pensions through company payroll, the correct amount of tax will be deducted over the year. You may pay some extra up front but it will be refunded over the next few months, that is how the PAYE system works.  The pension will not be "doing nothing", it will be increasing with inflation.  Do you actually need the money ? Why not transfer it to another pension ?

worried123

thank you molerat.  very grateful.