HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

Analysis finds savers have recouped more than £1.5bn since 2015 introduction of pension freedoms

Martin Richmond
clock • 4 min read

HM Revenue & Customs (HMRC) repaid £48.5m in overpaid pensions tax in the three months from July to September this year, newly published government figures show.

In its October pension schemes newsletter, published last week (30 October), HMRC said it had repaid £48,560,205 to savers in the period from 1 July to 30 September, which was just under the £48.7m repaid in the previous quarter but above the £44m repaid in the first quarter of the year. The newsletter showed a total of 13,721 forms were processed during the quarter, including 9,340 P55 forms, 3,576 P53Z forms and 805 P50Z forms. Analysis of HMRC's figures by AJ Bell found the average reclaim amounted to £3,539 during Q3 2025. It also showed the total amount reclaimed by savers since the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Takes case to The Pensions Ombudsman

clock 10 September 2026 • 2 min read
Pension changes to impact more than half of advised clients

Pension changes to impact more than half of advised clients

Advisers’ biggest concern is not understanding the pension IHT rules

Sophia Panayi
clock 09 September 2026 • 2 min read
HMRC updates on information sharing for IHT on pensions

HMRC updates on information sharing for IHT on pensions

Second technical note

Alex Levy
clock 01 September 2026 • 2 min read