Savers recoup over £38m in overpaid pensions tax in Q4 2023

It its January pension schemes newsletter, HMRC revealed a total of £38,784,733 was repaid in the three month period from 1 October to 31 December 2023, and the average reclaim amounted to £3,216, a slight fall from the £3,252 recorded in the third quarter of the year. The data showed a total of 12,059 reclaim forms were submitted over the same period, falling from the record 18,551 forms submitted during the preceding quarter. HMRC noted 7,307 P55 forms were submitted, with 3,738 P53Z forms and 1,014 P50Z forms. Analysis of HMRC's figures by AJ Bell found the total figure HMRC paid o...