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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Once money has been contributed to a pension, it cannot usually be withdrawn until retirement or earlier death or illness.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...
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