April 9, 2015 | posted in
By Alex Steger 09 Apr, 2015 at 08:41
Savers planning to access their pension this week faced difficulties establishing their tax treatment due to the HM Revenue & Customs (HMRC) helpline jamming under the weight of around one million calls, according to reports.
The Telegraph reported the volume of calls to HMRC on Wednesday left the line engaged throughout the day.
Callers who stayed on the line were eventually told by a recorded message to call Pension Wise.
Pension Wise cannot tell savers their exact tax liabilities on pension withdrawal as it does not product tailored calculations.
The Telegraph reported some savers planning to withdraw pension money face paying an emergency levy of up to 45% on initial withdrawals, which can later be claimed back.