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Questions re pension payments

Discussion in 'Retirement' started by Startedin82, Apr 18, 2019.

  1. Startedin82

    Startedin82 Established commenter

    Hi all,

    A few quick questions;
    • Do you get a monthly pension slip - like a pay slip? If so is it paper or via email?
    • Is tax taken off at source - like PAYE?
    • Do you receive an annual statement for tax purposes?
    They might be obvious questions/answers but have no experience of this!

    Thanks.
     
  2. Alldone

    Alldone Senior commenter

    No
    Yes - but will only pay tax if you earn more than your personal tax allowance.
    Yes - TPS send an email saying you can download the P60 from their site
     
  3. Startedin82

    Startedin82 Established commenter

    Thanks @Alldone - much appreciated.
     
  4. Lara mfl 05

    Lara mfl 05 Star commenter

    In fact I've just received my reminder to access my P60 online. Otherwise I have no 'paper record' other than my bank records.
     
    Startedin82 and Jamvic like this.
  5. Sundaytrekker

    Sundaytrekker Star commenter

    Every month the payslip is online for you to access in your TPS account and save or print if you want. Your tax code will be applied to this first if you are under state pension age so it works just as with PAYE except you don’t pay national insurance on pension income. It might take a couple of months to sort out as you have to send in your P45 but as we’re at the beginning of a new tax year it shouldn’t make too much difference. Any useful news items about things like future pension increases are also available through the pension website.

    Lara, you should have payslips available there too. If you can access your P60s the payslips are near to those.
     
    Startedin82, Jamvic and Lara mfl 05 like this.
  6. Startedin82

    Startedin82 Established commenter

    Thank you @Sundaytrekker - I was thinking there must be some monthly slip. Otherwise how will you know how much pension you've received and how much tax has been paid each month? (I will definitely be paying tax because I'll have a good pension).
     
    Sundaytrekker likes this.

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