Nearly a Quarter of a Million British Pensioners are Known to have been Charged Too Much Tax

£600 million refunded already Credit Pixabay

WHEN pension freedoms were introduced in 2015, it was possible for those over the age of 55 to withdraw money from their defined contribution pension pots.

The first 25 per cent was tax free but if the pension provider does not hold an up-to-date tax code, an ‘emergency tax code’ will be applied which assumes a one-off payment is actually a monthly one.

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So far more than £600 million has been refunded by HMRC (the tax office) with an average payment in excess of £3,000 per claimant.


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