The first payment of your pension will be made as soon as possible on the normal payroll run date after your retirement. If your retirement date and the payroll run date have already passed then any pension due will be paid together in your first instalment of pension.
- Tax code
Your annual pension is taxable income. When we set your record up on our payroll, we are instructed by HM Revenue & Customs (HMRC) to use emergency tax code 0T on a cumulative basis (unless you have retired from active employment and your former employer has forwarded your P45 detailing your correct tax code directly to us). We then send all your details electronically to HMRC who will inform us of the correct code once they have made their assessment.
Our instruction from HMRC is also to set up all Children's pensions on the tax code 1150L.
Any under or over payment of tax will be collected through the payroll if the correct code is received in the current tax year.
- How will my pension be paid?
Your pension will be paid by credit transfer directly into your nominated bank or building society account.
Pensions will be paid in either arrears on the last working day of the month or in advance on the 1st of every month (unless that falls on a weekend or bank holiday, when it will then be paid on the last working day prior to the 1st). The payment dates are dependent on which scheme you have retired from and on what date. The table below should help you to determine whether you will be set up on an arrears or an advance payroll.
Scheme description Arrears or advance payroll Pay date LGPS – Retirement before 6 April 2012 Advance First of every month LGPS – Retirement on or after 6 April 2012 Arrears Last working day of the month
We will not send you a payslip every month. You will only receive a payslip in April and May each year and only at other times if your net pension has varied by more than £1 from the previous month.
- Declaration of entitlement and National Fraud Initiative
The declaration of entitlement is a form which we may send to you from time to time to help us to prevent and detect fraud.
We ask you to confirm your address and to sign the form, to declare that you are still entitled to receive a pension paid by the Hampshire Pension Fund. This form must be witnessed by someone over 18 and who is not a family member.
If we have had mail returned to us, then we will automatically send one of these forms to you, via your bank or building society.
Ensure they are completed and returned to Pensions Services promptly to avoid any delays in future payments.
In addition, external audit requires us to supply details of pension payments to external parties to compare with the records of other public bodies to prevent and detect fraud.