Almost £1bn in unnecessary tax on pension withdrawals has been paid by Brits. The figure has come about because of HMRC rules that treat one-off withdrawals like they will be repeated.
The taxpayers eventually get their money back, but the process can take many months. It only adds to the pressures hard-up people in Nottinghamshire and elsewhere are facing.
The Express reports that the average overpayment is now £3,141 and pension savers face a complex process to get hold of their own money again. The overpayment total is going up nationally by £15m a month.
