Article preview: One of the downsides associated with pension freedoms and the ability to withdraw income flexibly from pension pots is too much tax deducted by the taxman. If you’re over the age of 55, it’s possible to withdraw a quarter of your pension pot tax-free, and then withdrawals from the balance of the pension pot are subject to the various rates of income tax. But if you’re making a withdrawal from your pension pot for the first time, there’s a good chance your pension provider will use an emergency tax code to calculate any income tax due.
Record level of overpaid pension tax
This 518-word blog post explains why the emergency tax code system often results in overpaid income tax on flexible pension withdrawals and what savers can do to reclaim this overpaid tax. Written on 31st October 2019.
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