Thousands in the UK are left with more than £3,000 in debt as a result of HMRC pensions blunder

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People who have saved over the years could be entitled to thousands afterwards HMRC overloaded on Pension Tax, according to the latest figures.

Retired Brits could be owed thousands after 7,000 people emerged with £33million overpaid pensions in the last three months.

Based on average calculations, this means each pensioner could be owed £3,363, but experts warn the total could actually be higher.

Jon Greer, Quilter’s Head of Pensions, said: “HMRC will automatically issue a refund, but as processing could take some time it is best to apply for a refund yourself to avoid waiting.

“This emergency tax situation can be particularly frustrating for people trying to access their funds quickly, especially when they don’t understand why it happened.”

He added, “It comes about because of an oddity of the PAYE system when people start taking money from their pension.”

The latest State Pension Schemes newsletter revealed that HMRC has paid back a total of £22,317,529 to people who overpaid in tax in the first three months of 2022.

https://www.theargus.co.uk/news/20296740.hmrc-pension-error-leaves-thousands-across-uk-owed-3-000/?ref=rss Thousands in the UK are left with more than £3,000 in debt as a result of HMRC pensions blunder

Fry Electronics Team

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