Pension freedoms over-taxation bill surpasses £1bn

Industry dubs latest HMRC figures ‘absolute disgrace’ as more than £1bn is repaid to savers

Holly Roach
clock • 2 min read
Pension freedoms over-taxation bill surpasses £1bn

HM Revenue & Customs (HMRC) has repaid more than £1bn in overpaid pensions tax since 2015, latest data reveals.

In its April 2023 pension schemes newsletter, HMRC said more than £48.5m was repaid to 15,856 people overtaxed on pension withdrawals in January, February, and March this year. The £48,550,827 r...

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

Inflation picture becomes 'increasingly ugly'

Inflation picture becomes 'increasingly ugly'

Bank of England cut unlikely

Linus Uhlig
clock 17 September 2025 • 2 min read
News Digest: State pension likely to rise by 4.7% next year

News Digest: State pension likely to rise by 4.7% next year

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 17 September 2025 • 1 min read
IFoA makes series of recommendations to boost outcomes and create 'inclusive' pension system

IFoA makes series of recommendations to boost outcomes and create 'inclusive' pension system

The organisation said ‘persistent’ pension gaps need to be closed

Holly Roach
clock 16 September 2025 • 4 min read
Trustpilot