Overtaxed pension savers have reclaimed almost £1.3bn from HM Revenue & Customs (HMRC) since the freedom and choice reforms were introduced in 2015, according to latest official figures.
HMRC's latest newsletter showed savers reclaimed £57m in overtaxation on pension withdrawals in April, May and June this year, bringing the total close to £1.3bn in repayments. It showed more than 16,000 reclaim forms were processed during the quarter, with average repayments of £3,540. This was the third highest figure on record, AJ Bell said. Director of public policy Tom Selby said: "HMRC's outdated approach to the taxation of flexible pension withdrawals continues to hit hard-working savers. "The true overtaxation number will likely be substantially higher. In particular, peopl...
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