'Quiet scandal' of emergency pension tax – and how to avoid it

'Quiet scandal' of emergency pension tax – and how to avoid it

People making withdrawals from retirement pots have had to reclaim £925million in overpaid ’emergency tax’ since pension freedom reforms were introduced in 2015.The system is dubbed ‘clunky’ and ‘a quiet scandal’ by critics, and many have urged the Government to make it easier for people to access their own pension savings without this to-ing and fro-ing of funds with the taxman.Many more people are likely to fall into this bureaucratic trap as an increasing number tap their pension pots for …