Payment of Pension

Your pension will be paid on the last banking day of each month, directly into your bank or building society account.  This method ensures that your pension is paid into your bank account on the due date and that the money is available straight away.

Please note that the Fund is unable to pay your pension directly into a Post Office Account.

Payment dates will be listed each year on the website and included in the annual newsletter sent to pensioners.  You will not receive a payslip unless your net pension varies by +/- £10 from the previous month.

If you wish to change your account details, please refer to the Change of Address or Bank Details page.

Income Tax

Your lump sum is paid tax free, but your annual pension is taxable and subject to PAYE – Income Tax.   The Pension Fund is obligated to comply with the coding issued by HM Revenue & Customs (HMRC).

At retirement your former employer will forward notification of your current tax code to the Pension Fund.  The Fund will then notify HMRC that you have retired and are in receipt of pension and will apply the tax coding on a Month One basis until HMRC confirm the appropriate code.

If your tax code is not known immediately, an emergency tax code will be applied, until HMRC confirm the appropriate code.

You should contact your local tax office on Tel: 0300 200 3300 if you have an enquiry about your tax coding.

You will be required to provide your Surname and National Insurance Number and quote reference no. 615 / C509P