HMRC forced to repay £38 million on pensions

HMRC forced to repay £38 million on pensions

Her Majesty’s Revenue & Customs (HMRC) has been forced to repay £38 million for excess tax levied on pension withdrawals in just three months. Data released by HMRC shows that there have been 18,353 successful applications for overpaid tax between July 1st and September 20th and the average refund was £2,000. Total reclaimed This is …

Pension errors likely to hit millions

A former pensions minister has warned MPs that pension payments for millions of older pensioners cannot be guaranteed accurate because of poor record keeping. Baroness Ros Altmann, pensions minister under David Cameron, has told a parliamentary committee there was ‘a significant element of uncertainty’ about the reliability of pension entitlements – even for the state …

Pension freedoms putting millions at risk

Britain’s state-backed workplace pensions scheme says pension freedoms should be curbed because they are placing millions of savers at risk. The National Employment Savings Trust (NEST) says it is concerned that its five million members are at risk because of the way the system operates.

Thousands paying wrong tax on pensions claim

Thousands paying wrong tax on pensions claim

Experts are claiming that tens of thousands of people have paid incorrect tax on early pension withdrawals. At least 232,000 people have drawn down money from the pension pots under the new freedom regulations introduced in 2015, but many of them have paid the wrong tax on their withdrawals.

Pensions experts want more analyis of pension freedoms

Pensions experts want more analysis of pension freedoms

Two top pensions experts have called for more research and analysis into how Britain’s over 55s are accessing their savings pots under the new pension freedoms. Britons have taken £9.2 billion out of their pension savings since the relaxing of pension regulations in April 2015. Around £1.6 billion has been withdrawn in the last three …