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
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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...

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