Savers not allowed to return their tax-free lump sums, HMRC warns [Yahoo! Finance]
Aegon Ltd. New York Registry Shares (AEG)
US:NYSE Investor Relations:
aegon.com/investors
Company Research
Source: Yahoo! Finance
Most financial firms have allowed savers a 30-day cooling-off period after they request the tax-free allowance, which includes the right to put money back if it's been received. However, the opportunity to reverse the decision – and retain the tax-free perk – now appears to go against the tax authority's rules. In its pensions newsletter last week, HM Revenue and Customs (HMRC) said it was aware that savers had been asking to return their tax-free lump sums following the Budget. However, HMRC said that cooling-off periods, as specified by the Financial Conduct Authority (FCA), do not apply under the circumstances, adding: “The payment of a tax-free lump sum cannot be undone and the member's lump sum allowance will not be restored”. There was a surge in savers requesting to withdraw their pension tax-free lump sum ahead of Rachel Reeves's first Budget on October 30 amid fears that the Labour Chancellor could slash back the allowance. Current rules allow most savers to take 2
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- HMRC ‘harming' savers' pensions in tax-free lump sums row [Yahoo! Finance]Yahoo! Finance
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AEG
Sec Filings
- 12/16/24 - Form 6-K
- 12/11/24 - Form 6-K
- 11/15/24 - Form 6-K
- AEG's page on the SEC website