With your secure login you can view your payslips, P60 and check that your personal details are up to date. It’s important to keep your information up to date so that your pension is paid correctly.
Just like your salary, your regular pension payments from the Scheme are subject to income tax. Tax is deducted from each payment by the Scheme Administrator, Buck, based on the tax code provide by HM Revenue & Customs (HMRC).
Have you just retired and is your tax correct?
When you first retire, the Scheme Administrator will probably start paying your pension before HMRC has provided your personal tax code. That means they’ll deduct tax based on the current single person’s tax allowance. When they receive your tax code from HMRC, you may find that your net pension payment changes. If in doubt, make sure you contact the Scheme Administrator to check everything is as it should be.
Contact payroll at the Scheme Administrator
If you have a query about the taxation of your pension specifically, you should contact HMRC using the following details and stating the payroll reference on your payslip.
Write to: Pay As You Earn, HM Revenue and Customs, BX9 1AS
Call: 0300 200 3300
If you live overseas
If you live abroad, you may not be subject to UK income tax, but the Scheme Administrator is required to deduct it unless HMRC advises otherwise.
If you have a query about the taxation of your pension overseas you should:
Call +44 135 535 9022 or visit the HMRC website stating the payroll reference on your payslip.
For most members, your pension benefits increase each year to help them keep up with inflation and you’ll receive a letter each year to tell you your personal increase for the year ahead. You’ll also be able to see this when you log in to My pension portal.
Check your own details on My pension portal
The Scheme can continue to look after certain family members if you die in retirement, depending on when that is and what you’ve decided at retirement.
This lump sum is equal to the value of any outstanding pension payments in that five year period, including any increases that would have applied to it.
However, lump sums can’t be paid after age 75, so if you’d retired in your 70s for instance and then died after the age of 75 but before the end of the five-year guarantee period, your pension will continue to be paid to a dependant until the end of the five years.
Let the Trustees know who you want lump sum benefits paid to when you die. You can do this by filling in a Nomination Form. You can either do this online by logging in to My pension portal or by contacting the Scheme Administrator.
This pension would be half your own pension, based on your full pension at retirement before you exchanged any of it for a tax-free cash lump sum or extra dependant’s pension (if you did) and includes any pension increases since retirement.
Your next of kin or the administrator of your will should notify the Scheme Administrator as soon as possible and the Scheme Administrator will provide details of the benefits payable and what to do, along with some forms to complete. The Scheme Administrator needs to receive all required information before they can pay any benefits, so it is important that forms are completed and information is provided promptly.