HM Revenue and Customs (HMRC) paid out £37m in overpaid tax to pension freedoms users in the third quarter of the year, its quarterly figures have revealed.
Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.
The government has revealed it will enhance HM Revenue and Customs (HMRC) tax registration powers to clamp down on fraudulent pension schemes.
A rise in pensioner incomes and the freezing of pensioner tax-free allowance mean one in five taxpayers are now over the age of 65, Royal London says.
Michael Klimes examines what additional obligations money laundering rules introduced in June may put on schemes
More than 10,000 counts of tax overpayment relating to pension freedoms have led to a £26.8m bill for HM Revenue & Customs (HMRC), latest data has revealed.
Withdrawals have hit £10bn barrier
Average amount accessed per person continues to fall
Robin Ellison says we need a change in HMRC's approach to dealing with pension tax issues
The reduction of the annual allowance in 2014 has caused a significant rise in the number of people breaching the limit.