A very small number of members:
- took their pension before 1 October 2023
- were protected by the ‘old’ underpin rules
- saw an increase to their pension because of the underpin, and
- had an annual allowance tax charge in the year they retired.
If you are in this group, you may have paid too much tax, or asked your pension fund to pay too much tax on your behalf. HMRC has developed a process to deal with these overpayments. If you are affected, your pension fund will contact you.