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What is tax rate on pension payout?

Posted 22 May 2016

Speedy says:
20 May 2016 at 7:26

My provident fund payout was taxed at 18%, but my pension fund payout was taxed at 26. 91%. Is this correct? I resigned from my previous job on 01 May 2016. I received payouts before.

TaxTim TaxTim says:
22 May 2016 at 22:17

The more you take out in lump sums the more the tax is as all previous lump sums are added together then the tax worked out then the previous tax taken off resulting in what is owing now.

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