Can I deduct my pension payment on my taxes?

Answer 1

You need to consult an accountant who knows the law in the county in which you are paying tax.

However in general contributions made to a pension plan out of earnings are tax free, while pension taken out of a pension pot are subject to tax.

In the US, contributions in to certain savings plans (generally normal (not ROTH) IRAs, or 401k plans through an employer are not considered taxable income the year they are made (they reduce your taxable income that year). Restrictions and limits of various types apply to both who may use which specific account, and how much it may be used.

The money invested while in these accounts is also NOT taxable as earned.

On withdrawal it is taxable as ordinary income, (so your investment gains do not get the benefit of the current very reduced tax rate on capital gains).

There are number of rules about when you MUST start taking the (taxable) distributions by, and a calculation called a "required minimum distribution", and RMD that is the minimum amount you must withdraw each year thereafter.

Generally, withdrawing any money before the minimum withdrawal age incurs a substantial penalty along with being taxable income in that year.