Frequently Asked Questions

Retirement can be a stressful, and difficult time - but it doesn't need to be! Here we answer your questions on tax, annuities, lifetime mortgages, care funding, and much more.

How to use our Frequently Asked Questions

If you are an existing customer of Just Retirement, please select 'Just Retirement' in the first drop-down. Likewise, if you are an existing customer of  Partnership, please select 'Partnership'.

Then select the area of interest you are looking for with our second drop-down box to filter the topics available, or scroll to see all of the relevant FAQs.

Have a question that we haven't covered here? Please don't hesitate to get in touch using our Contact Us form.

All about tax

You will need to contact HMRC directly if you believe that you have been given the wrong tax code. HMRC will only discuss your tax circumstances with you personally. To review your tax code they will need to have the information regarding all of your income, not just the income provided by Just Retirement and/or Partnership.  

For more information from HMRC and details on what to do if you think your tax code is wrong, visit this page of the HMRC website.

Alternatively, HMRC can be contacted at:

Pay As You Earn
HM Revenue & Customs
BX9 1AS
United Kingdom

*You do not need to include a street name or PO box.

Telephone: 0300 200 3300 (8am to 8pm Monday to Friday & 8am to 4pm on Saturday)


When you purchase your annuity, Just will deduct tax at the emergency tax rate from your payment (if you have provided us with a current P45 dated on or after 6th April in the current tax year then the PAYE code will be set accordingly). The tax year runs from 6th April to 5th April.

Just are obliged to provide Her Majesty’s Revenue & Customs (HMRC) with details of the annuity income you will be receiving and any tax deducted.

Following the first payment HMRC will assess your personal circumstances and issue a PAYE Coding notice to you, and then notify us which tax code Just should use to calculate the amount of tax to deduct from your future payments.

The amount of tax that you will pay will be based on your total income and will depend on your personal circumstances. The tax we will deduct will be based on the PAYE code provided to us by HMRC (or emergency code if applicable) and this may result in tax being deducted at the standard, higher and additional rates and relevant thresholds in force at the date of payment and set out by the Government.

If you're looking for a quick insight into what you might expect, our Pension Taxation Calculator could be for you. Designed for illustration purposes only, this tool will help estimate how much tax you are likely to pay on the money that you withdraw from your pension fund – as well as any additional tax that you may have to pay on any earned income over the year.


If you think that you have paid too much tax you may be due a refund. To check if you are correct, and to organise a refund, you must contact HMRC directly. HMRC will then calculate how much tax you should have paid based on all your income and/or benefits and, if applicable, organise a refund of any overpaid tax.

In order for Just to make any refund that may be due to you, we must receive a new tax code directly from HMRC. 

If you have paid too little tax, you should contact HMRC to give them all of the relevant information. Normally, HMRC issues a new tax code to one or a number of your income providers who will adjust how much tax is paid.

Just do not calculate your tax code, we will only apply the tax code provided directly from HMRC. Just recommend that you check with your local tax office if you think your tax code is incorrect. If you have the wrong tax code you could end up paying too much or too little tax.

HMRC can be contacted at:

Pay As You Earn
HM Revenue & Customs
BX9 1AS
United Kingdom

You do not need to include a street name, city name or PO box when writing to this address. 

Telephone: 0300 200 3300 (8am to 8pm Monday to Friday & 8am to 4pm on Saturday)


As with a normal initial payment, Just Retirement will deduct tax at the emergency tax rate unless you provide us with a current P45 (dated on or after 6th April in the current tax year).

In most cases, HMRC will issue a new tax code for us to use on future payments to you. Any overpaid tax will be repaid to you over the remainder of the tax year with your regular payments.

Depending on the amount of the taxable lump sum you take, it may take several instalments to refund all the overpaid tax.

It may not always be possible to refund the tax to you in this way, for example if Just Retirement does not receive a new tax code from HMRC by the end of the tax year, if you are on a non-cumulative tax code, if you receive your annuity income on an annual basis or have no further payments due to you within the tax year. In these circumstances, you will need to contact HMRC directly to reclaim your overpaid tax.

The telephone number to call is 0300 200 3300 or alternatively you can write to them at the following address:

Pay As You Earn, HM Revenue & Customs, BX9 1AS.

You will need to give them your National Insurance number and send your P60 or P45. HMRC will then either send you a cheque or tell you why no refund is due.


If you don't live in the UK it's possible that you will have to pay UK tax on your UK pension income. You may also have to pay tax on this money in the country that you live in. 

Unless you live in a country that has a specific agreement with the UK you could be taxed twice. For more information from HMRC on Double Taxation Agreements, visit this page of the HMRC website

If you are in doubt about how your pension will be taxed you should seek local, independent advice or call HMRC’s Centre for Non Residents to discuss your case in more detail:

Telephone: +44 135 535 9022 


You should speak to HMRC directly if you have any questions about the tax you are paying and the tax code applied to your annuity.

You will need your National Insurance number and you will have to quote Just Retirement’s tax reference number 581/JZ59145.

HMRC can be contacted at:

Pay As You Earn
HM Revenue & Customs
BX9 1AS
United Kingdom

*You do not need to include a street name or PO box.

Telephone: 0300 200 3300 (8am to 8pm Monday to Friday & 8am to 4pm on Saturday)


Your pension annuity or fixed term annuity payments are treated as pension income under Her Majesty’s Revenue & Customs (HMRC) Pay As You Earn (PAYE) tax regime. When you take out a pension annuity, HMRC tells Just Retirement and which tax code to apply to your income. This tax code determines how much tax is to be deducted. 

You should speak to HMRC directly if you have any questions about the tax you are paying and the tax code applied to your annuity.

You will need your National Insurance number and you will have to quote Just Retirement’s tax reference number 581/JZ59145.

HMRC can be contacted at:

Pay As You Earn
HM Revenue & Customs
BX9 1AS
United Kingdom

*You do not need to include a street name or PO box.

Telephone: 0300 200 3300 (8am to 8pm Monday to Friday & 8am to 4pm on Saturday)


If you have a Just Retirement annuity then yes, you will receive a P60 statement after the end of each tax year.

If you have a Just Retirement Fixed Term Annuity or Just Retirement Flexible Pension Plan you will also receive a P60 each year, unless no taxable income has been paid.

The P60 lists the tax code used and the amount of tax that was deducted from the income payments made that year. The tax year ends on 5 April and Just Retirement aims to send out P60s by the end of April each year.

P60s are not issued to our Lifetime Mortgage, Immediate Needs Annuity or Purchased Life Annuity customers.

Annuity Customers

Should you wish to add or change your nominated beneficiary we must receive the request in writing giving the beneficiaries full name and address details. The letter must be signed and dated by you as the principal annuitant. 


If you have other pensions that you would like to convert into an income we would recommend you speak to your financial adviser.

If you don't have a financial adviser then Unbiased.co.uk could help you find one. This is a website you can use to find professional financial advice from a qualified adviser local to you.

We recommend you select a financial adviser who specialises in retirement.  


The gross amount of your annuity payments will be shown on your policy schedule. Your payments are taxable under the UK Pay As You Earn system (PAYE), with the amount of tax you pay depending on your total income. Her Majesty's Revenue & Customs will inform Just of your correct tax code, which will dictate the amount of tax deducted from your gross payment.

If you can't find your policy schedule, please call our customer services team on 01737 233297, Monday to Friday between 8.30am and 5.30pm or email myenquiry@wearejust.co.uk.


You can choose monthly, quarterly, half-yearly or annual income. 


Your annuity will be paid either monthly, quarterly, half yearly or annually, depending on the choices you made when you took the policy out (shown on your policy schedule).

If you can't find your policy schedule, please call our Payments and Servicing team on 01737 233297 Monday to Friday between 8.30am and 5.30pm, or email myenquiry@wearejust.co.uk

Normally we pay your annuity on the first day of each month. If the first day of the month falls on either a weekend or a bank holiday it will be paid on the preceding working day.

 

 

2017

January – paid Friday 30 December

February – paid Wednesday 1 February

March – paid Wednesday 1 March

April – paid Friday 31 March

May – paid Friday 28 April

June – paid Thursday 1 June

July – paid Friday 30 June

August – paid Tuesday 1 August

September – paid Friday 1 September

October – paid Friday 29 September

November – paid Wednesday 1 November

December – paid Friday 1 December


If your marriage or civil partnership is dissolved and a Court Order is not issued, you will still need to inform us of the change in your marital status. See the FAQ section ‘Change my details’.

Upon receipt of notification of this change we will confirm in writing the impact if any, on your policy.  

Impact of Divorce on Protected Rights benefits if no Court Order is issued?

Under HM Revenue  & Customs rules Protected Rights Dependant benefit is payable to the legal spouse at the time of death.

Impact of Divorce on Non Contracted Out or Pension Fund benefits if no Court Order is issued?

On the Non Contracted Out or Pension Fund benefits, the dependant pension is non transferrable. For this benefit type the terms of our policy stipulate that we can only pay a pension to a named dependant, specified at the point of policy commencement. We base our annuity rate on the named dependant’s specific date of birth and medical details; we cannot alter the policy at a later date so that it pays out to a different dependant with entirely different details.

However please note that if you were to become divorced and a Court Order is issued that will affect the annuity, we will need to implement the Order. We cannot comment on what this involves unless an order is issued.

Form you may need to complete:

Change of marital status or name

You will need Adobe Acrobat Reader to be able to view documents within this section.

Please print, complete, sign and return to:-

Payments and Servicing Team
Just Retirement Limited
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU

 

General enquiries

It's important that you let us know when your details change (or those of anyone named on the policy) so that we can keep our records up to date.

To inform us you may call our Payments and Servicing Team on 01737 233297. They will be able to update your contact details and Bank account over the phone, following security checks. Alternatively you may print, complete, sign and return the appropriate form(s) below to: 

Payments and Servicing Team
Just Retirement
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU

Forms for you to complete:

Change of contact details

Change your bank details

 

 

 


Just aims to consistently offer the highest standards of quality in the way we provide financial products and services. This is important because it helps customers know exactly what they are buying and what they can expect from us.  

When occasionally things go wrong we welcome the opportunity to put things right and therefore treat all complaints seriously. Our complaints standards are designed to treat all customers fairly and provide a full response to complaints made about any aspect of our service. Whether your comments are connected to the level of service provided by Just, or any aspect of your experience with us, then we want to hear about it.

The first step is for us to understand the problem. You can share your concerns with our staff either in person, by telephone, e-mail, or letter as follows:

Telephone: 01737 233297
Email: qatjrl@wearejust.co.uk
Or write to: The Quality Assurance Team at Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey, RH2 7RU.

How we will respond 

We promise to listen and do everything we can to resolve your concerns and to make sure you’re happy with the outcome of our investigation. We will do our best to resolve your concerns as soon as possible with the minimum inconvenience to you. Our first step will be to understand what the issues are and find out what we can do to put the matter right. If we are able to do this within three working days, we will send you a letter summarising your concerns (Summary Resolution Communication) and the actions taken.

What you can expect from us

If we are unable to resolve your concerns within three working days, we will send you a letter within five working days in acknowledgement and give you details of the person who is handling your investigation and how to contact them.

We aim to resolve your concerns within four weeks of receiving your complaint, and will issue you with either a final response, or, if we are unable to do so, we will write to you explaining what is happening and when we expect to formally reply to you.

Within eight weeks, we will either send you a final response outlining details of any actions we propose, or, inform you why we are not yet in a position to provide a final response and indicate when we expect to be able to do so.

If you are still not satisfied 

If you remain dissatisfied on receipt of our final response, eight weeks after we received your original complaint or within six months of receiving your Summary Resolution Communication, you have the option to refer the matter to the Financial Ombudsman Service, who were set up by law to provide consumers with a free, independent service for resolving disputes with financial firms.

How we perform against complaints we receive. 

The table below gives figures for the average time taken to resolve all complaints between January to December 2016 (figures are for Just Retirement Limited, Just Retirement Money Limited and Partnership Life Assurance Company Limited both annuity and equity release customer complaints).

Time to resolve

%

Within 3 working days 

63

Within 4 weeks

93

Over 4 weeks

7

You can read our complaints leaflet 'Making a complaint and our commitment to you', here.


At such a difficult time we try to ensure the process of informing us is as easy as possible. If you are responsible for managing the affairs of someone who has passed away we will guide you through the process step by step to ensure everything is managed correctly with regard to their policy.

It is really important that you notify us as soon as possible (by calling us on the number below) so we can ensure that if there are any ongoing payments, these are paid promptly to the correct person (i.e. if this is within a guarantee period, or a spouse or dependant's annuity has been arranged). We will commence payment once we have the necessary documents (see below).

We will need you to send in the Death Certificate. Depending on the type of policy, we may also need a copy of a valid Certified Will and/or a Grant of Probate.

When we speak to you, we will explain what we need in more detail. We will send the necessary correspondence to the executors  or legal representative of the estate, so please have these details to hand when you contact us.

Please call us on 01737 233297 Monday to Friday between 8.30am and 5.30pm if you have any queries. 

Alternatively you can write to us at:

Payments and Servicing Team
Just Retirement
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU

Or email us at policy.admin@wearejust.co.uk


To give permission for someone else to discuss your policy, you will need to print, complete, sign and return, a copy of the relevant form, the link to this can be found below.

This gives the person you nominate permission to speak to us and discuss your policy.

If you wish to give a person additional authority then you will need to arrange a Power of Attorney, 

If a Power of Attorney is in place, please send us the original or a copy certified by a Solicitor, Stockbroker or Public Notary with an original signature.

Form you need to complete:

Nominate someone to act on your behalf - Annuities

Please print, complete, sign and return to:-

Payments and Servicing Team
Just Retirement
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU


It's important that you let us know when you or anyone named on your plan changes name, marital status or contact details, so we can keep our records up to date.

To let us know of any change you will need to print out, update, sign and return the appropriate form(s) below, and return them to:

Payments and Servicing Team
Just Retirement
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU

Forms for you to complete

Annuity/Drawdown Plan Customers

 

Our Lifetime Mortgage Customers

If you have a Just Retirement Lifetime Mortgage, so long as the new home you wish to move to meets our acceptance criteria then you should be able to move your existing lifetime mortgage to the new property. In some circumstances, such as if you were to downsize to a smaller property, a part repayment of your existing lifetime mortgage amount may be required.


When you applied for your lifetime mortgage, we asked you who would be occupying the property, and where relevant where you and/or your spouse or partner would be living. Letting all or part of your property to an additional third party is not normally permitted. If extenuating circumstances mean that you may need to do this you will need to discuss this with us.

If you want someone else to move into your home to live with you, for example a member of your family, you must first obtain written agreement from Just, before they move in. 

To discuss any of the above, please contact our customer services team on 01737 233297 Monday to Friday between 8.30am and 5.30pm. 

Useful links

What if I am away from my property for a period of time?


Your lifetime mortgage annual statement is automatically issued and gives you details of:

  • How much you have borrowed in total
  • How much interest has been added to the initial cash advance, and, if applicable, any subsequent drawdowns taken from your cash facility plus the added interest
  • Whether you have funds still available to draw down from your cash facility and the amount available
  • The amount required to repay your lifetime mortgage at the date of the statement (although you will need to contact us directly to obtain an accurate repayment figure). Read more about early repayment.

Should you require a statement at any point throughout the year, you can request one please contact our customer services team on 01737 233297. Monday to Friday between 8.30am and 5.30pm. 

 


As part of your lifetime mortgage, you may have been allocated a cash facility, from which you will have released an initial advance. You can withdraw more money from your remaining cash facility at any time subject to the minimum amount shown within your Offer letter.

In order to withdraw additional money from your cash facility, we will need you to complete and sign the two forms below and return them to us at the address below or you can contact our customer services team on 01737 233297. Monday to Friday between 8.30am and 5.30pm. 

Providing you have the cash facility available, we will send you a key features illustration and a new loan agreement to sign and return to us, should you wish to proceed.

If you would like to find out how much cash facility you have left, please refer to your annual statement or the first page on your latest lifetime mortgage agreement, whichever is most recent. Your initial Offer letter will show the minimum additional amount you can take. 

If you believe you have used all your cash facility we may still be able to help you. Please give us a call on 01737 233297 Monday to Friday between 8.30am and 5.30pm or email us at drawdown@wearejust.co.uk so we can discuss your individual case. 

Address to write to: 

Lifetime Mortgage Policy Administration
Just Retirement
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU

Forms for you to complete

Drawdown request form

Use this form to draw down more funds from your cash facility.              

Drawdown payment details form - your bank details

Use this form to submit your bank details once your request for a drawdown from your cash facility has been accepted.


At Just we appreciate that divorce can be a potentially difficult and emotional time and we try our utmost to ensure that your queries are handled as sensitively as possible.

If you have a lifetime mortgage with us in joint names, it will not be affected by your divorce unless ownership of your home is transferred as part of the divorce agreement. The outcome of the divorce, for instance if one party moves out, may then affect the lifetime mortgage and any remaining cash facility.  

In such circumstances we believe the most appropriate person to discuss your queries or concerns with will be your solicitor since they will fully understand your personal circumstances.

Once appropriate decisions have been made in your divorce case, we would recommend you get in touch to inform us of the outcome of those decisions by calling us on 01737 233297 Monday to Friday between 8.30 am and 5.30pm. 

Form you need to complete (link opens a pdf document):

Changing your name as a result of a divorce or dissolution of civil partnership 

You will need Adobe Acrobat Reader to be able to view documents within this section. 

Please return your form to:- 

Lifetime Mortgage Policy Administration
Just 
Vale House
Roebuck Close
Bancroft Road
Reigate
Surrey
RH2 7RU 

Useful links Money Advice Service - divorce and separation help


All lifetime mortgages are designed to be a lifelong commitment. Our lifetime mortgages are long term arrangements that are intended to last your lifetime or until you move permanently into long term care, or, in the case of joint borrowers, each borrower has died or moved permanently into long term care. 

If your circumstances change, and you decide you want to repay your lifetime mortgage early, an early repayment charge may be payable. This charge is dependent on market conditions at the time. Figures are calculated for each cash advance you have taken to give a total charge. 

You may wish to discuss this and other options with your financial adviser.

Full details of the way in which the charges we make are calculated are contained in your original loan agreement which was signed by you when you first took out your lifetime mortgage. 

If you cannot locate these documents, or wish to check what your early repayment charge will be please contact us on 01737 233297 (8.30am to 5.30pm Monday to Friday). Please note your call may be monitored and recorded. 

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. 

Useful links

Equity Release Council (ERC) - The Equity Release Council is the industry body for the equity release sector


Your options will depend on your circumstances at the time.

If you are the only borrower and it has been confirmed that you need to move out of the property due to needing long term care, the lifetime mortgage will need to be repaid.

If you have a joint lifetime mortgage and only one of you needs to leave the property, the second borrower can continue living in the home during their lifetime. When the second borrower goes into long term care, the lifetime mortgage, accumulated interest and any charges will need to be repaid, which is normally done from the proceeds of the sale of the property.

The Early Repayment Charge does not apply if you sell your home because it is confirmed that you need to move because you require long term care. There are some circumstances in which you may need to go into care temporarily and want to return to your own home at a later date. If this happens, you must tell us immediately and we will make a decision on what to do with your property. In these circumstances, each case is assessed on an individual basis.


Your lifetime mortgage is a long term commitment that was designed to be repaid only when you die or move permanently into care. If you repay your mortgage early, there could be a substantial early repayment charge. The way we calculate this charge is detailed in the documentation you received from us when you took out your mortgage.


Your lifetime mortgage is designed to be a lifelong commitment and if your circumstances do change, you may be restricted on what you are able to do. However before you do anything we would recommend you get in touch with us to see if there is anything we can do to help.


If your lifetime mortgage is held in joint names then it will continue until you die or need to move into long term care. However, if the lifetime mortgage is held in your partners name only, you may have to sell your property to repay the outstanding amount to us and find somewhere else to live (unless, for example, you were able to repay the lifetime mortgage in full). 


When you die (or in the case of joint borrowing, on the death of the last survivor) the executor/administrator of your estate must notify us and the lifetime mortgage must be repaid, usually from the sale of the property. If your property is sold for more than the outstanding mortgage balance, sales costs will be deducted and the difference will be paid to your estate.

If however the property is sold for less than the outstanding mortgage balance and sales costs, your beneficiaries will not have to make up any shortfall so long as you have continued to meet the terms and conditions. This is known as the 'No Negative Equity Guarantee' (defined by the Equity Release Council) and is a very important safeguard on the lifetime mortgage for you and any beneficiaries of your estate.

If a proportion of your property’s value is covered by our Inheritance Protection, your estate will also retain at least that proportion of the sale proceeds.


You need to inform Just if you intend to leave your property for more than three months at a time, such as for an extended holiday. Please contact our customer services team on 01737 233297 Monday to Friday between 8.30am and 5.30pm. 

Some tips you may find useful:

  • We recommend that you check your buildings insurance covers your property if it is empty for an extended period.
  • Is there a relative or neighbour who could keep an eye on your home?
  • Avoid burst pipes - if it is winter and the heating is not on, consider having the heating and the water system drained.
  • Remember to cancel any deliveries such as milk or newspapers.
  • Avoid piles of post accumulating and enquire at the post office about their 'holding and collection' service.
  • Check smoke alarms are working correctly. 

 


If you’re thinking of moving house please contact us as early as possible to discuss your plans.  You can move your lifetime mortgage to your new property so long as your new home meets our lending criteria. This is a process known as 'porting'. If you are considering 'porting' please contact us as soon as possible to discuss our requirements.

If you decide to go ahead, we will need you to complete a new application form. You will also need to have a valuation conducted on your new property.

Valuation and legal fees

A fee of 0.1% of the value of your new property will be charged by us for the valuation. Any additional reports required as a result of the valuation may incur additional charges. There may also be a charge for any legal work that needs to be undertaken.

Please note, if your new property is valued at less than your current property, we may ask you to repay part of your lifetime mortgage. If your property is not suitable under our lending criteria we may ask you to repay all of your lifetime mortgage and in this situation, an early repayment charge may become payable which can be significant, so please call us to discuss your circumstances as soon as possible.

Our customer service team is available to speak to on 01737 233297 Monday to Friday between 8.30am and 5.30pm.

Useful links

What is an early repayment charge?

What is a Power of Attorney?


Yes, because you will require independent financial advice.

If you don't have a financial adviser, the Equity Release Council can help you find advisers in your local area who are fully qualified, equity release specialists. You can contact them at www.equityreleasecouncil.com/member-directory/.