"Pension savers have been forced to claim back over £3k per person, and a record £32.2m for the final quarter of 2019.
"The problem has nothing to do with anything pensioners have done wrong and lies solely with the PAYE system. HMRC’s PAYE system is not built for one-off withdrawals from a pension and so does not fit with the new world of pension freedoms. People who make such withdrawals from their pensions, as is their right, may overpay tax and then wait 12 months or more to get the money back when HMRC automatically reviews tax liability.
"If you have been charged then you can fill in one of three forms: P55, P53Z and P50Z. These were created so people could claim back mid tax-year and not have to wait to receive money that is rightfully theirs.
"The onus is very much on the government to ensure it is doing all it can to give pensioners their hard earned money back. An over £3k hit on your pension can be substantially detrimental to your lifestyle in retirement."