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

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

More on Industry

Maps launches redesigned pensions guide for savers

Maps launches redesigned pensions guide for savers

Pension providers send the guide to policyholders turning 50 as part of a ‘wake up’ pack

Holly Roach
clock 15 June 2026 • 1 min read
Buzz: Are transfer incentives leading people to switch pensions for the wrong reasons?

Buzz: Are transfer incentives leading people to switch pensions for the wrong reasons?

Cashback transfer incentives, DC consolidation and DB surplus release

Professional Pensions
clock 15 June 2026 • 1 min read
AMNT: Consolidation will not always be the path to better member outcomes

AMNT: Consolidation will not always be the path to better member outcomes

Lewis Brown says economies of scale will not always result in better quality schemes

Lewis Brown
clock 15 June 2026 • 4 min read
Trustpilot