MSE News: Pension savers reclaim almost £900m in overpaid tax since 2015

MSE_Petar

Savers dipping into their pension pots have reclaimed £892 million in overpaid tax since 2015, new figures show. If you've taken a taxable lump sum from your pension for the first time, you could be owed too due to a tax code error – here's how to claim the money back.

Read the full story:
'Pension savers reclaim almost £900m in overpaid tax since 2015 – are you due a rebate worth £1,000s?'

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molerat

you could be owed too due to a tax code error

And what "error" would that be ?

Silvertabby

molerat said:

you could be owed too due to a tax code error

And what "error" would that be ?

No 'errors' to see here folks.

Pension providers who didn't have a tax code to work with taxed pension lump sum withdrawals in accordance with HMRC standing instructions, then advised their fund members how to claim back any overpayments.  Standard procedure throughout the industry.

molerat

Silvertabby said:

molerat said:

you could be owed too due to a tax code error

And what "error" would that be ?

No 'errors' to see here folks.

Pension providers who didn't have a tax code to work with taxed pension lump sum withdrawals in accordance with HMRC standing instructions, then advised their fund members how to claim back any overpayments.  Standard procedure throughout the industry.

When I have taken payments that were taxed "incorrectly" there were always clear instructions included in the paperwork as to what I needed to do.