HMRC pays back £44m on overtaxed pension withdrawals

Q3 2024 HMRC tax overpayment statistics showed 12,000 repayment claims were processed between July and September, totalling £44,295,438. Quilter head of retirement policy Jon Greer commented that while this quarter had seen a slight decrease in overpayments compared to the last, "it underscores the ongoing complexity and inefficiencies in the system when it comes to flexible pension withdrawals". "Despite a gradual easing in cost of living pressures, these figures suggest that many are still drawing from their pension savings to navigate financial challenges. "However, what's parti...