800,000 people 'overpaying tax' on pensions due to wrong codes

James Phillips
clock • 2 min read

Nearly a million savers could be paying more tax on their pension than required, simply because they have been given the wrong tax code, Royal London has claimed.

The insurer estimated around 800,000 people under the state pension may be being taxed despite their income being below the personal allowance. The problem is particularly apparent where people wer...

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

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Defined Contribution

Partner Insight: Future-ready capabilities for pension schemes in a changing investment landscape

Partner Insight: Future-ready capabilities for pension schemes in a changing investment landscape

As pension schemes face increasingly complex investment challenges, research-powered capabilities can help deliver tailored exposures aligned with long-term objectives.

Fidelity International
clock 05 November 2026 • 6 min read
Partner Insight: From awareness to action – closing the retirement planning gap

Partner Insight: From awareness to action – closing the retirement planning gap

Many employees think about retirement. Far fewer take practical steps to prepare for it.

Royal London
clock 04 November 2026 • 5 min read
Partner Insight: Are mid-life employees becoming retirement's forgotten group?

Partner Insight: Are mid-life employees becoming retirement's forgotten group?

New research suggests many employees in their forties are slipping into a retirement planning blind spot

Royal London
clock 03 November 2026 • 4 min read
Trustpilot