Tax
Tax
Most members will have their pension payments taxed.
Queries about tax should be directed to HMRC as we can only use the tax codes that they provide us with. HMRC can be contacted at 0300 200 3300 or visit their website for more information.
P60
A P60 is issued every April to everyone who is receiving a pension from us. Your P60 details the amount of pension paid to you and the tax deducted from it during the year. Copies of your P60 can be accessed through your My Pension+ account.
Tax
You may pay income tax on your pension. If you live in Scotland you will pay the Scottish Rate of income tax. This is indicated by an 'S' at the beginning of your tax code.
Tax Codes
Any questions about your tax code must be directed to HMRC in the first instance. The Fund can only use the tax code HMRC provide us with.
When you first retire your pension will be taxed using the tax code on your P45. HMRC will then issue a 'Notice of Coding' shortly after your retirement, confirming your new tax code. They will also issue you an Income Return form for you to complete. Note that if we do not receive a P45 from your employer, we will use the emergency tax code 0T.
You may receive a letter from HMRC notifying you of a change to your tax code. HMRC automatically notifies us of tax code changes so you do not need to contact us.
Your current tax code can be found on your most recent payslip. Your tax code for the previous year can be found on your last P60. Both payslips and P60s can be access online via My Pension+.
More About Your Pension
Latest Updates
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Every year, the number of people become victims of pension scams is increasing, with millions lost to scammers annually, some even losing life-savings.
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Talk Money Week runs from 4th – 8th November 2024 and is an annual initiative designed to encourage us to tackle the taboo and talk about money.
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Pension Credit can help top up your income in retirement. Learn more and find out if you qualify.
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The Fund's achievements have been recognised at several industry awards, with nominations in multiple categories.
