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.
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.
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.
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 recieve 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.
Tel: 0300 200 3300
Post: Pay As You Earn and Self Assessment
HM Revenue and Customs
Whether retirement is in 5 years or 25 years, the main reason most of us pay into the pension scheme is to make life a little more comfortable at some point down the line.
Annual Pension Statements for 2021 are now available for members currently paying into the Fund.
Many of our members who pay Additional Voluntary Contributions (AVCs) through Prudential may have experienced recent delays in Prudential's service offering.
Now could present the perfect mid-point opportunity to have a quick pause for a finance refresh.