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Press comment: Pensioners must claim back a record £32.2m from HMRC


If you’re covering HMRC’s figures on the amount pensioners have had to claim back after unnecessarily being hit with emergency tax, please see the following comment from Jon Greer, head of retirement policy at Quilter:

Jon Greer"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."

For more information contact

Kathleen Gallagher023 8072 629307990

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.