Receiving your pension
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Receiving your pension

At Just DB, we help people achieve a better later life by providing financial security in retirement.

When you’re a member of Just, your defined benefit pension scheme becomes an annuity policy. This is a special type of insurance policy which provides a safe home for your money. It shields your pension benefits from risks like inflation and investment volatility.

We’re privileged to be part of your future, looking after your pension and making your payments. In your welcome pack from us you’ll have your policy document and all the need-to-know essentials about how we support you. You can also check or download this information via OneView, our secure online member portal.

How we support members

The following information is for members who are already begun receiving their pension payments.

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Paying your pension

We make your pension payments for life. These are guaranteed monthly payments made into your bank account. We aim to pay you on or around the same date you were previously being paid. The payment date is noted in your policy document.

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Increases in pension payments

Your benefit schedule, which is part of your policy document, sets out the terms of your pension plan. This includes whether your pension will increase in future. Pension payments typically rise in line with the Retail Price Index (RPI) or the Consumer Price Index (CPI), but may differ for some people.   

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Payslip and P60

Every year, we’ll send you a pension payslip. If your pension payments change by more than £5 a month after tax, we’ll send another payslip to explain the change. You’ll also receive a P60 detailing your income and tax, usually by the end of May.

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Tax

Pension income payments are taxed by HM Revenue & Customs (HMRC), under the Pay As You Earn (PAYE) system. It’s similar to how your wages were taxed while you were employed. We’ll pay your income minus any relevant tax.

Beyond the payments

Life after work is a new chapter and many people live a long and happy retirement. But we don’t know what’s around the corner. Besides paying your pension, sharing P60s and payslips, there may be other times you need us. When you have a change in circumstances, we’re here for you.