Emergency tax codes for one-off withdrawals under Freedom and Choice are leaving savers significantly overpaying on their tax bills, when in many cases they should pay no tax at all.
These savers are then failing to claim back the overpayment, leaving millions of pounds with the Exchequer, an AJ Bell analysis suggests. By default, an emergency tax code is applied to a first flexible...
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.