Pension contributions deducted from P60?

Shimrod

I have just received my P60 and the total pay figure does not match my gross pay from my March payslip, although NI and tax deductions match. The difference equates to my pension contributions for last year(final salary scheme). Previous P60s have always matched the figure from the March payslip.

I've checked the government website which seems to indicate both figures should still match, but I can't get a sensible answer from our payroll department. Do I need to pursue this further, or has there been some regulation change that means my pension contributions no longer appear on the p60? (Although they do for someone in the defined contribution pension scheme)

Thanks

Shim

crossleydd42

Why not speak to your paygroup?

Shimrod

I did speak to payroll, who were unable to answer my question. I've just been double checking previous years P60s, and the pension contributions ARE deducted on previous years as well - strange that I haven't noticed before.

Shim

ffacoffipawb

Shimrod wrote:

I did speak to payroll, who were unable to answer my question. I've just been double checking previous years P60s, and the pension contributions ARE deducted on previous years as well - strange that I haven't noticed before.

Shim

Pension contributions are deducted, because you receive tax relief on them.

So the ability to pay more than 15% into a company pension, to reduce P60 pay is a useful way of increasing eligibility to tax credits!

Debt_Free_Chick

Shimrod wrote:

I have just received my P60 and the total pay figure does not match my gross pay from my March payslip

That sounds right. Your P60 should show your taxable pay. As pension contributions (if they are paid to an occupational pension scheme and not a personal/stakeholder pension) are an allowable deduction for tax under the PAYE system, then they should not be included in your "gross" (taxable) pay as shown on your P60.

Shimrod

Thanks for the replies. It all makes sense now that I've read the small print at the bottom of the P60! "This form shows your total pay for income tax purposes"

Shim