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, HM Revenue and Customs (HMRC) instruct us to use emergency tax code 0T on a week 1 month 1 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.
HMRC also instruct us to set up all children's pensions on the tax code 1250L.
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 either:
- in 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).
- Declaration of entitlement and National Fraud Initiative
From time to time, we may send to overseas members a "declaration of entitlement" form, to help us 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 LGPS. This form must be witnessed by someone, over 18, 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.
Please complete the form and send it to Pension Services, to avoid any delays in future payments.
It is a government requirement that we send details of pension payments to the National Fraud Initiative to compare with the records of other public bodies to prevent and detect fraud.