Tax and my pension
Are my pension income payments taxed?
Your pension income payments are taxed according to instructions from your local tax office. We’ll pay your income minus any relevant tax.
Pension income payments are taxed under the Pay As You Earn (PAYE) system, similar to how your wages were taxed when you were employed. How much tax you pay depends on your circumstances and legislation at the time of payment.
Will you send me a pension payslip and P60?
Once we’ve started paying your pension, we’ll send you a pension payslip once a year. If your pension income payments change by £5 or more a month after tax, we’ll send another payslip to explain the change.
We want to keep your personal information safe, so we’ve decided to remove National Insurance numbers from payslips.
We’ll also send you a P60 every year. We send this in April or May, so if you’ve not received it by the start of June, please contact us.
If you’ve registered for Benpal, you can view your P60s and payslips online.
What should I do if the tax code on my payslip or P60 is wrong?
We can only use the tax code HM Revenue & Customs (HMRC) give us. If you believe the tax code we have used is wrong, please call HMRC on 0300 200 3300.
When you contact HMRC, you will need to quote your National Insurance number and PAYE reference. The PAYE reference for our scheme is 475/LA96393.