I am withdrawing R660000-00 from my Pension Preservation fund. I understand that R25000 is tax free and I will be taxed 18% on the balance. However I was retrenched in 2012 and received a severance package of which the first R315000-00 was tax free as far as I remember. How will this tax exemption of 2012 affect my lump sum pay out taxation rate for 2016? Has the 18% tax rate been used up partially?