Story thread · 8 reports / 7 sources

HMRC 'reaching out' to millions as workers could miss out on pension boost - what you need to know

gbnews.com · 5dShare

HM Revenue and Customs (HMRC) is urging Britons millions of Britons to check their eligibility for a little-known pension perk. The tax authority is letting individuals know about the so-called net pay anomaly affecting lower-paid workers. Millions of higher-rate taxpayers enrolled in "relief at source" workplace pension schemes could be forfeiting hundreds or even thousands of pounds by failing to claim additional tax relief they are entitled to. The issue stems from the fact that these schemes only automatically apply basic-rate tax relief at 20 per cent, leaving those who pay tax at 40 per cent or above to reclaim the difference directly from HMRC. Many savers wrongly believe the process is handled entirely by their employer or pension provider. Nest, the country's biggest workplace pension provider, runs a relief at source scheme covering 13 million members, many of whom may be affected. Pensions function as a tax deferral mechanism, shielding contributions from income tax at the p

First report: The £70 refund letter that isn't a scam — bbc.co.uk, 8d