Charlene Young: Can a client get their pension contributions back?

Ahead of self-assessment deadline

clock • 3 min read
Charlene Young: "If a client requests a refund because they've exceeded their annual allowance, revoked any lifetime allowance protection, were misadvised or they misunderstood the rules, this wouldn't fall into the genuine error provision. Refunds made in these circumstances would be an unauthorised payment and attract very high tax charges."
Image:

Charlene Young: "If a client requests a refund because they've exceeded their annual allowance, revoked any lifetime allowance protection, were misadvised or they misunderstood the rules, this wouldn't fall into the genuine error provision. Refunds made in these circumstances would be an unauthorised payment and attract very high tax charges."

Once money has been contributed to a pension, it cannot usually be withdrawn until retirement or earlier death or illness. But as Charlene Young explains there are a few exceptions to the rule...

As the self-assessment deadline looms, we inevitably see an uptick in the number of queries about refunding pension contributions. However, once money has been contributed to a pension, it cannot u...

To continue reading this article...

Join Professional Adviser

 

  • 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 Tax planning

Advisers express concern over client fines for negligent trust registration

Advisers express concern over client fines for negligent trust registration

Must be registered with TRS by 1 Sept

Hemma Visavadia
clock 11 August 2022 • 1 min read
Curtis Banks chief executive Will Self steps down

Curtis Banks chief executive steps down

With immediate effect

Jenna Brown
clock 09 August 2022 • 1 min read
Andrew Aldridge: "Venture capital investing is of course to be considered as high risk, but if introduced to well-diversified portfolios then it can be effective without overstretching the total portfolio's risk level."

Andrew Aldridge: How advisers can use venture capital to target long-term above inflation

EIS opportunities

Andrew Aldridge
clock 08 August 2022 • 3 min read