Taxation of Savings Pot Withdrawals
A benefit payable from your Savings Pot is taxed at your marginal tax rate (except on retirement or death, when it as taxed as a Retirement Benefit). In addition, if you withdraw from your Savings Pot while you are still a member of the UCTRF, you will pay an administration fee based on the amount of your withdrawal.
Important: Because a withdrawal from your Savings Pot increases your annual income, it may push you into a higher tax bracket.
To calculate how much of your lump sum benefit will be tax free , as well as the administration fee payable, use the UCTRF Benefit Taxation Calculator.
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