Is my pension taxable?
When you claim your LGPS pension it is paybale to you each month, provding income for life, which are taxable as earnings. Therefore tax is due on any amount over your personal tax allowance as determined by HMRC.
Money Helper has created a Guide to Tax in Retirement where you can find out more on how this may affect you, along with access to free impartial help and support.
How can I query my tax code?
Please note that the tax office determines your tax code and not Wiltshire Pension Fund.
If you want to query the tax code that has been applied to your pension, please contact:
HM Revenue and Customs
PAYE & Self Assessment
PO Box 1970
0300 200 3300
PAYE reference number: 034/W1565
When you contact them you will need to quote your National Insurance number along with the Fund's PAYE reference number above.
Please be aware that you may be set up initially 0T tax code as the Payroll Department does not have details of your personal tax situation.
This will be reported to HMRC who will then inform the Pensioners Payroll Office if the tax code needs to be amended and therefore, if any arrears are applicable.
It can take a few weeks for the information to be sent from HMRC to Pensions Payroll and any changes to be implemented.