HMRC pays back £535m wrongly claimed on pension withdrawals

We posted this story yesterday over on our Twitter account (www.twitter.com/hamnettwealth) but we also wanted to share it on our blog as it’s a common occurrence.

The story, featured on This is Money, stated that new figures from HMRC reveal that, in the three months to September 30th, it had to pay back £54m that was wrongly claimed on pension withdrawals.

It is the highest quarterly figure since pension freedoms were introduced in 2015 and it means that HMRC has now had to repay £535million after applying ’emergency tax’ to pension withdrawals.

You can read this story in full at: https://www.thisismoney.co.uk/money/news/article-7653283/amp/HMRC-overtaxing-pensioners-record-rate.html?__twitter_impression=true

It’s worth checking to make sure that you haven’t been over taxed on your pensions withdrawals.

Hamnett Wealth Management offer unbiased expert pension and retirement planning advice. Our professional, qualified Independent Financial Advisers will look at whether your current pension arrangements are likely to help you achieve your retirement goals. If not, we will recommend actions to take and the likely effect of them in order to secure your financial future.

We can also review all of your existing arrangements and look at the performance of the underlying funds, the charges being levied and assess the projected income at your chosen retirement date. Call us now on 0114 235 3500 or email us at: advice@hamnettwealth.com to arrange a free consultation.