Laura Miller

Overtaxed retirees reclaim £3,000 each

In total, HMRC figures show £535 million has now been repaid to those who have filled out the official reclaim forms since April 2015, when pension freedoms were introduced and over-55s could draw on their money much more flexibly.

Pension freedoms gave savers the right to take any sum they wished from their retirement pot, but a quirk of HMRC’s system meant that they were often overcharged tax on their withdrawals.

Pension tax pain causing doctors to hang up their stethoscopes early

Complex pension taper rules introduced in 2016 are sending doctors to an early retirement, putting the NHS at risk of greater understaffing and leaving patients facing longer wait times.

Almost half (45%) of doctors surveyed by the Royal College of Physicians and its Scottish counterparts say that they have decided to retire younger, with 86% of doctors citing pension concerns as one of their reasons, 

Auto-enrolment pension contributions need to exceed 8%, says minister

Guy Opperman, the pension minister, has confirmed he wants the minimum that employees pay into their workplace pension to increase beyond the current 8%, but said that the Pension Bill was not the place to trigger a rise.

At the launch of his Bill yesterday in Westminster, Opperman said that he also shied away from cutting the £10,000 auto-enrolment threshold, and changing tax relief rules that mean some lower paid workers miss out, until he saw the result of two contribution hikes.