How to get the most out of pension tax advantages
By Cristian Angeloni, 3 Feb 22
Personal finance experts share 10 tips savers should be aware of
Claim back overpaid tax
![Claim back overpaid tax]()
“When you take a flexible payment from your pension, HM Revenue & Customs (HMRC) assumes it is just the first of 12 monthly withdrawals,” Lowery said.
“As a result, this first flexible withdrawal from your pot is likely to be taxed at an emergency rate and will probably mean you are significantly overtaxed, potentially to the tune of thousands of pounds.
“To get this money back you can do it through your self-assessment tax return, or by applying by form to HMRC.”
Tags: Pension
