Tax codes and payslips

Tax codes

Should I tell you that I have a new tax code?

You do not need to tell us if you receive a new tax code.

  • We are not allowed to change the tax code for your pension until notified by HMRC, which may be a little after HMRC contacts you about it
  • We will send you a payslip if the pension we pay to you each month changes by more than a pound because of a new tax code

What tax code are you using for my pension?

  • If you have paid income tax on your pension, the tax code will be on your most recent pension payslip
  • Please contact HMRC if you think your tax code is wrong. You will need your National Insurance number and PAYE tax reference which is on your pension payslip

Have you received my new tax code?

  • We may receive your new tax code a little after HMRC lets you know about it
  • If the pension we pay to you each month changes by more than one pound we will send you a pensions advice slip showing your new tax code
Payslips

Pension payments

Your payslip shows you:

  • gross pension - pension you are due for that month - on the left hand side
  • deductions - such as tax or membership subscriptions - on the right hand side
  • net amount of pension - pension, less any tax and membership subscriptions - at the bottom

Your first pension payslip

We may not have time to make your first pension payment in the first regular payroll run after you retire. Your first pension payslip will show you everything due to you since you retired.

Your first payslip shows you:

  • gross pension - pension due since from your retirement date to the first regular pension payment - on the left hand side
  • deductions - such as tax or membership subscriptions - on the right hand side
  • net amount of pension - pension, less any tax and membership subscriptions - at the bottom