When will I receive Payslips?
We do not issue payslips automatically each month. You will only get a paper payslip if your net pay changes by more or less than £1 from the previous month. You can view your payslip online anytime through the Member Portal. If you have not registered for the Member Portal, you can do so by following the registration guide.
What is the Annual Allowance?
The Annual Allowance is the limit set by the government on how much you can save in a pension scheme before having to pay tax. From the 2023/24 tax year, the Annual Allowance is £60,000. This amount is reduced further if you have an adjusted income greater than £260,000 and your threshold income is greater than £200,000. The government looks at a period of time called the Pension Input Period, to see how much the value of your benefits have increased. This increase is known as your Pension Input Amount and is included in your annual Benefit Statement from any Defined Contribution pensions you may have. You need to check that the pension input amounts from all your pension savings do not go above the Annual Allowance. You may want to speak to an Independent Financial Adviser about this or read more on the MoneyHelper website.
What is the Lump Sum Allowance (LSA) and the Lump Sum and Death Benefit Allowance (LSDBA)?
The LSA of £268,275 is the overall limit for receiving tax relief on lump sums paid at retirement. The LSA is used up by Pension Commencement Lump Sums (PCLS) and the 25% tax-free element of Uncrystallised Funds Pension Lump Sums (UFPLS). Lump sums on total commutation of small pensions (trivial commutation lump sums, winding up lump sums and ‘small lump sums’), will not count towards these allowances.
The LSDBA of £1,073,100 will reduce through payment of a PCLS, and the 25% tax-free element of an UFPLS, as well as a serious ill-health lump sum, and the non-taxable part of any authorised lump sum death benefits (excluding a charity lump sum death benefit and a trivial commutation lump sum death benefit).
What should I do if I have tax code queries?
We cannot answer questions about your tax code. If you think you are paying the wrong amount of tax, or if you think your tax code is wrong, you must contact HM Revenue & Customs (HMRC) direct, quoting your National Insurance number (if you have one).
Phone: 0300 200 3300
Textphone: 0300 200 3319
Outside UK: +44 135 535 9022
Opening times:
8am to 8pm, Monday to Friday
8am to 4pm, Saturday
Closed Sundays and bank holidays
Best time to call: Phone lines are less busy before 10am, Monday to Friday
Post: Pay As You Earn and Self Assessment HM Revenue & Customs, BX9 1AS, United Kingdom
When will I receive my P60?
You will receive your P60 each May. If you do not receive it by 31 May, please contact us and we will send you a replacement copy. Copies of your P60s will also be available online.
