People trying to withdraw money early told 'It could cost you a lot more than you think. Don’t get caught out'

Officials from HM Revenue and Customs today warned anyone thinking of accessing their pensions early that they could potentially end up in court to face tax avoidance proceedings. Many people when they approach retirement age decide to draw down some of their accrued money.

However officials from HMRC issued an alert saying people are being caught out - and taking more than £30,000 out can fall foul of the authorities. And if something is found to be an unauthoristed payment they person could end up paying 55 per cent to HMRC.

Taking to X they said: “ Thinking of dipping into your private pension pot early? It could be tax avoidance and could cost you a lot more than you

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