What tax is payable on a voluntary retrenchment package and pension fund lump sum withdrawal?

I am 53 and am being retrenched by my company. They have offered a voluntary retrenchment package of approximately 700K. What amount of tax will I pay on this amount? What tax will I pay if I withdraw my pension fund and not transfer it to a preservation fund?

Please make use of our Lump sum calculator to work out what the taxes will be on retrenchment.