HMRC data shows pension freedoms over-taxation bill nears £1bn

Some £45m was repaid to individuals in the final quarter of 2022 alone

Jonathan Stapleton
clock • 2 min read
Tom Selby: The true scale of the issue is likely much higher
Image:

Tom Selby: The true scale of the issue is likely much higher

Savers have reclaimed £970m in over-taxation on pension withdrawals since 2015, HM Revenue & Customs (HMRC) data reveals.

In its January 2023 pension schemes newsletter, HMRC said more than £45m was repaid to 14,335 people overtaxed on pension withdrawals in October, November and December 2022. AJ Bell said its ana...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Good News Corner: Quantum Advisory employees become Dementia Friends

Good News Corner: Quantum Advisory employees become Dementia Friends

Quantum Advisory employees support initiative led by Alzheimer’s Society

Jasmine Urquhart
clock 04 April 2025 • 1 min read
Many savers still not accessing guidance or advice ten years on from pension freedoms, IFoA says

Many savers still not accessing guidance or advice ten years on from pension freedoms, IFoA says

IFoA report finds fewer people understand their options now compared to three years ago

Holly Roach
clock 04 April 2025 • 4 min read
Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

TPR extends oversight to professional trustee firms, FCA greenlights two LTAFs, Lloyds longevity hedging transactions

Professional Pensions
clock 04 April 2025 • 1 min read
Trustpilot