P60s and tax codes: Your questions answered!


April means the beginning of a new tax year and the arrival of all sorts of financial, tax-related paperwork through your letterbox. Pension statements, your P60, or a letter informing you about your tax codes could be among these.

All companies that pay out pension benefits are required by law to send you this information. But when it all arrives at once it’s understandable if it can all feel a little overwhelming. 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.

If you live abroad please allow a reasonable amount of time for overseas delivery. If your P60 doesn't arrive in June, please feel free to get in touch – we’ll be happy to help.

The P60 we’ve sent you shows the total amount of income you’ve received from, and any tax you’ve paid from, your Just policy/policies or plan(s) for the tax year just gone. It may also include income received from previous pension providers/employment.

By law, we have to send you a P60 form at the end of each tax year. You may need it to:

  • complete a tax return, if this applies to you
  • claim back any tax you've overpaid, or 
  • apply for tax credits. 

Even if these don't apply to you, it's still a good idea to keep your P60 in case you need it at a later date.

Tax codes usually change at the beginning of each tax year to reflect the changes in personal allowances and tax thresholds. However, your tax code may also change during the tax year if there have been recent changes to your circumstances.

For example, your tax code may have changed if you've recently:

  • started receiving your State Pension
  • started receiving a taxable benefit (for example State Pension or Jobseeker’s Allowance)
  • finished work or started a new job
  • started receiving other income, or
  • applied for the marriage allowance.

Please contact HM Revenue & Customs (HMRC) to confirm this as we can only use tax codes issued by them. HMRC's contact details are below: 

HMRC phone number:
0300 200 3300

HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS

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.

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 HMRC for further information.

              If you have a question about how much tax you’re paying, please contact HMRC using the details below. The amount of tax taken from your income is based on the tax code provided by HMRC.

HMRC phone number:
0300 200 3300

HMRC Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS

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 think you’ve paid too much tax please contact HMRC in the first instance. Their contact details are shown below:

HMRC phone number:
0300 200 3300

HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS

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.

HM Revenue & Customs (HMRC) look at your tax situation towards the end of each tax year, when the amount of tax you pay is reviewed. They will send us and you a new tax code notice, which may affect the amount of income actually paid into your bank account.

You can contact HMRC using the options below: 

Phone number:
0300 200 3300

Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS

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.

Please contact us in writing at the address below or by phone on 01737 233297 to tell us about any changes to your contact details.

Our address: 
Just
Enterprise House
Bancroft Road
Reigate
Surrey
RH2 7RP

Although we may have received amounts from more than one company or pension plan, and each has a separate policy number, we combine these so that we can make a single payment to you. The P60 form includes all payments made by Just to you in the current tax year.

Don’t worry! If you haven’t yet received your 2023/2024 P60 from us (and you usually receive it from us directly), then please call us on 01737 233297.

Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.

If you've lost your P60 and need a copy, please call us on 01737 233297 to ask for one.

             There are three amounts given.

  • ‘Pension paid by us’ is the amount of income before tax.
  • ‘Tax Deducted’ or ‘Refunded’ is the amount of tax taken from your income or refunded to you.
  • ‘Pension Less Tax’ is the income we paid to your account after tax. 

  

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. HM Revenue & Customs (HMRC) may also give us this information.

Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.

Your P60 covers the tax year beginning on 6 April 2023 and ending on 5 April 2024.

That's us! If you need to speak to us, please call 01737 233297.

For annuity customers: 

The lifetime allowance was abolished on 6 April 2024, but HMRC have told us that we should still include it in this year’s P60 for the 2023 to 2024 tax year.
The lifetime allowance is the maximum amount of pension savings you were allowed to build up before you had to pay a tax charge. For the 2023 to 2024 tax year, the lifetime allowance was £1,073,100. A different lifetime allowance may apply if you have applied for transitional protection.

When payments began from your company or pension plan, the value of your pension was tested to work out how much of the lifetime allowance has been used up. The amount of the lifetime allowance used up is shown as a percentage every year on your P60.

Although the lifetime allowance changed over time, the percentage shown on your P60 usually stayed the same, unless you bought another policy from us.

If you're an annuity customer:

By law, we had to send you a statement every year until you’re 75, confirming the lifetime allowance you used when you bought your policy (or policies). You may be asked to provide this if payments begin from another company or pension plan.

From next year, we will no longer show your lifetime allowance on your P60.