£1.2bn in reclaims for overtaxed pension withdrawals ‘unacceptable’

1 May 2024

A record £1.2 billion has been reclaimed by people overtaxed on pension withdrawals, after savers clawed back over £198 million in the 2023/2024 tax year alone, which is an “unacceptable” situation, say commentators. According to HMRC, savers reclaimed over £42 million in overtaxation on pension withdrawals in January, February and March 2023, with over...