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HMRC overpaid tax repayments pass £1.5bn milestone


By Sophie Smith

HMRC repaid more than £48m to people who overpaid tax when they flexibly accessed their pensions in Q3 2025, the latest government Pension Schemes Newsletter has revealed. 

According to the update, HMRC repaid a total of £48,560,205 from 1 July 2025 to 30 September 2025


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TPO case closure rates improve despite demand continuing to grow

The Pensions Ombudsman's (TPO) case closure rate has continued to improve during the first half of its 2025/26 year, pensions ombudsman, Dominic Harris, has revealed, confirming that case closures are up 14 per cent on the same period last year

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DB schemes urged to ‘set the course’ for long-term strategy under new funding code

Defined benefit (DB) pension schemes are entering a new era, shifting their focus from repairing deficits to long-term planning, according to the latest paper from Hymans Robertson

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Blog: Protecting pensions in an age of deception

With the Citizens Advice scams awareness campaign underway, Callum Conway explores the alarming rise in pension fraud and the urgent action needed to keep savers’ life savings safe

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Research reveals twofold increase in number of pensioners paying 60% tax

The number of pensioners falling into the 60 per cent tax bracket has more than doubled in the past three years, a freedom of information request from Interactive Investor has revealed

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DB schemes told to 'double down' on liquidity management

Defined benefit (DB) pension schemes should "double down" on liquidity management if they want to stay on course to meet their long-term objectives, AXA Investment Managers senior portfolio manager, buy and maintain credit, Rob Price, has said

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Don't penalise pensioners to fix public finance pressures, govt told

Despite concerns over the growing cost of the state pension, the government has faced further pressure to protect the pensions triple lock in the upcoming Budget, as well as calls to narrow the "yawning" gender pensions gap through auto-enrolment reform

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Social housing DB funding levels on the rise; LGPS in the lead

The aggregate defined benefit (DB) pension funding level for the UK social housing sector has remained largely stable, First Actuarial has found, with an increasing number of schemes surveyed now in surplus
TPT names trustee board for first multi-employer CDC scheme

TPT Retirement Solutions (TPT) has appointed an all-female trustee board to oversee its multi-employer collective defined contribution (CDC) scheme, which is set to be the first of its kind in the UK market
High-quality data 'crucial' for AI's success in pensions administration

The focus on data quality will need to get stronger if pension administration is to capture the opportunities presented by artificial intelligence (AI), the Pensions Administration Standards Association (PASA) has argued
'Worrying' pensions awareness gaps revealed as lost pots concerns grow

More than a quarter (26 per cent) of UK adults don't know who their current pension provider is, whilst two-thirds (66 per cent) have never even tried to track down their lost pots, research from Standard Life has revealed

Barnett Waddingham reports 12.8% revenue rise following Howden acquisition

Barnett Waddingham (BW) has reported a 12.8 per cent rise in revenue for the 2024/25 financial year, reaching £181m in what it described as a year of “standout commercial success” and post-acquisition integration with the Howden Group
Market-wide approach needed to address 'weak link' of cyber resilience

A coordinated, market-wide approach to cyber resilience and operational readiness is needed if the pensions industry wants to protect members and maintain stability, Trafalgar House has said, arguing that cyber resilience is the "weakest link" in pensions and can no longer be ignored


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Highlighted Content

Private markets – a growing presence within UK DC

Laura Blows discusses the role of private market investment within DC schemes with Aviva director of investments, Maiyuresh Rajah

Budget speculation persists; Bell brands tax rumours as 'nonsense'

Whilst the Pensions Minister hit back at recent speculation around the upcoming Budget, data from the Financial Conduct Authority revealed that continued uncertainty is impacting saver behaviour

Always on: Cyber incident planning

Aon associate partner, John Harney, looks at why cyber incident response planning for pension schemes must be an ongoing strategic priority – not a ‘one and done’ exercise

Pensions consolidation - what is it and why is it beneficial?

Having spent the past six years working for two of the leading consolidators in the pension trustee market, Tom Neale, chief operating officer of Entrust, Gateley’s pension trustee company, is uniquely placed to offer valuable insights into this rapidly developing market

From DC pot to paycheck: Turning savings into income for life

Phoenix CIS head of corporate investment services, Jess Williams, shares how her team helped deliver a UK fi rst for DC master trust members

Pensions administration and AI: Is it just a patch?

Isio highlights how the human touch must not be lost when integrating AI solutions into pensions administration

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Is this the real life? Is this just fantasy?

The challenge for the pensions industry to spot AI-generated ‘deepfakes’, and the role they may play in identity fraud

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The sum of many small parts

As the number of self-employed continues to rise, what changes are required to better assist them in their retirement saving?

Blending assets

Sandra Haurant considers the role of multi-asset investing within pension fund portfolios

Making moves

Many, perhaps most, pension scheme memberships or other retirement savings vehicles will be transferred in some way before an individual retires. David Adams looks at how the popularity and efficacy of different types of transfer are being influenced by improving practices and by regulatory and market conditions

Making sidecars stick

Sidecar savings are emerging as a potential tool to boost workers’ financial resilience – but employers and providers face operational, technical, and regulatory hurdles. Paige Perrin investigates the challenges and opportunities

Gold rush

Sandra Haurant explores the increasing pension fund interest in gold investment

Closing the disability pensions gap

Many people with disabilities are unable to accumulate significant occupational or private pension savings, in part because of the difficulties to find work and the struggles they may face within the workplace. David Adams looks at what the pensions industry, employers and policymakers might do to help ensure more disabled people can enjoy a better income in retirement

Multi-employer CDC in practice – from drawing board to delivery

After years of planning, the first multi-employer CDC pension schemes could be launched as early as 2027, with regulators set to publish rules this autumn

Adequacy, accountability and the next generation

From auto-enrolment to AI, Sophia Singleton sits down with Paige Perrin to talk about how the Society of Pension Professionals (SPP) is driving progress to deliver better outcomes for savers and support the future of the pensions profession

A new era? The return of the Pensions Commission

Tasked with addressing pension adequacy, and how people can save more for retirement, the revived Pensions Commission structure has already got the industry talking about just how much it could achieve

Navigating the changing tide

LGPS funds have been busy working to make the government’s fit for the future policy a success, but with looming deadlines and growing scrutiny facing the scheme as a whole, is this work still achievable? Sophie Smith reports

The psychology of decumulation

Callum Conway explores how pensions policy and product design can work with – rather than against – human behaviour

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Private markets – a growing presence within UK DC
Laura Blows discusses the role of private market investment within DC schemes with Aviva Director of Investments, Maiyuresh Rajah

The DB pension landscape 
Pensions Age speaks to BlackRock managing director and head of its DB relationship management team, Andrew Reid, about the DB pensions landscape 

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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