HMRC repays £50million to pension savers over emergency tax code errors

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HMRC repays £50million to pension savers over emergency tax code errors.

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Thousands of pension savers are being urged to check whether they are owed a tax refund after HM Revenue and Customs (HMRC) repaid more than £50million to people who were overtaxed when accessing their retirement savings.

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New HMRC figures show more than 12,500 people reclaimed overpaid tax on flexible pension withdrawals between April and June 2026.During the three‑month period, HMRC refunded £50,353,656.76, with the average repayment coming in at almost £4,000 per person.The overpayments occur because emergency tax codes are often applied when people first access their pension flexibly, meaning more tax is deducted than is ultimately owed.

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TRENDING Stories Videos Your Say Adam Cole, retirement specialist at Quilter, said: "HMRC's latest figures show that between April and June 2026 more than 12,500 people had to reclaim tax after accessing their pension flexibly, with more than £50.3million repaid in the second quarter of the year."He noted that while the number of reclaim forms...

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