P60s and tax codes: your questions answered!
April means all sorts of financial, tax-related paperwork arrives through your letterbox. Pension statements, your P60, or a letter informing you about your tax codes could be among these.
All pension providers are required by law to send you this information, but it's understandable if you have questions or concerns. To help put your mind at ease, we've put together a list of common questions that you might have about P60s and tax codes:
I’m not a tax payer...why have I got a code?
All UK residents are each assigned a tax code by HM Revenue & Customs (HMRC), even if you are a non-tax payer. If you’d like to know more, please contact them for further information.
I think I’m on the wrong tax code. How can I get this changed?
As your tax code is supplied to us by HMRC, you should contact them first. If there has been a mistake they will then investigate and provide the correct tax code.
I have a question about the amount of tax taken from my annuity income.
If you’ve got a question about how much tax you’re paying, please contact HMRC. The amount of tax taken from your annuity income is set by them.
I’ve paid too much tax! Can I get a rebate?
If you think you've paid too much tax in the current or previous tax years, you should contact HRMC directly. Usually you can arrange this by sending them a copy of your P60 together with details of any other income you may have had in the same tax year. The contact details are shown below:
HM Revenue & Customs (HMRC) contact details
0300 200 3300
HM Revenue & Customs
Pay As You Earn
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
If you have a Flexible Pension Plan with us, this reference will be 120/TB23996.
Am I likely to receive a different payment amount in the new tax year?
At the end of each tax year HMRC will review your tax situation. They will then assess if the amount of tax you pay needs to be adjusted. They will send us—and you—a new tax code notification which may impact the amount that you receive into your bank account.
I haven’t received my P60...
Don't worry! We started posting P60s on 21 April, so if you haven’t receive this by mid-May then please call us on 01737 233297 to ask for one.
Why have you only sent me one P60 when I have more than one policy with you?
If you have multiple policies with us, sometimes we will combine the payments into one amount for you. This means we will produce a single P60 covering the total payments.
What period does the P60 cover?
The P60 covers the tax year beginning on 6 April 2016 and ending on 5 April 2017.
Are the ‘Pension paid by us’ amounts displayed on the P60 before or after tax?
To help avoid any confusion, we’ve given you:
- Gross Pension: this is the amount of income before tax
- Tax Deducted: the amount of tax taken from your income, and
- Pension Less Tax: the income we paid to your account after tax.
What do you mean by ‘Pay’ and ‘Tax Deducted’ ‘in previous employment(s)’?
If we received your P45 form from your previous employer or pension provider and it related to the tax year in question, we have to quote this information on your current P60 form. HMRC may also give us this information.
I receive payments from Capita. Who should I contact?
Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.
I receive payments from Just. Who should I contact?
That's us! If you need to speak to us, please call 01737 233297.