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Will I pay 40% tax if I took my money out now

Posted 24 October 2014

I want to withdraw my pension fund and start my own company. My amount with old mutual stand on R1 172 000

How much tax will I be paying?
my hr department tells me it will be 40% the same rate that I am being taxed on now.

TaxTim TaxTim says:
24 October 2014 at 11:07

If you take your pension fund amount out early then it would be taxed on the pre-retirement table. You can make use of our Lump sum calculator to find out how much you would pay.

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