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Answer: Pension income should be reported when: ● Retire before age 55 If you retire before the age of 55, your pension is eligible for income tax until you are 55 years old. Please fill in the pension income in the Pension, annuity and other periodic payments. ● If someone receives more than one pension, only the highest amount of pension is tax-exempt. Refer to Paragraph 16 of Schedule 6 of the Income Tax Act 1967. ● Pension issues received are tax-free. Example: Wife / husband pension (issue) on spouse's death. This pension is not taxable.