Payslip for private pension

lolly5648

I have just started receiving a private pension. The money goes straight into my account but I have no details. The first month it was untaxed; this month it seems to have had about 21% taken off.

Should I receive a monthly payslip or do I just get something at the end of the tax year?

Thanks

Lolly

Savvy_Sue

It would be unusual to get a monthly payslip, but going through my Dad's paperwork he seemed to get an annual statement telling him what he would get each month, both gross and net of tax.

A phone call on Monday might sort it out?

placido

They used to send me a payslip every month. Now they don't.

At the end of the tax year they send me a "P60 End of Year Certificate" showing the amount of pension (and any income tax deducted) I have received in the past year.

At the end of March I get a letter detailing the annual increase of the pension.

Then at the end of April they send me a payslip showing details of my updated pension for the first month of the new tax year.

The idea is that you have documentation (for your own records) and to show the DWP if you claim for any benefits.

I think they also send you a payslip if there is any adjustment to the amount of pension that they send you.

Given that there are often no changes in a pension (once the annual increase has been applied) I suppose they feel (rightly in my case) that there is no compelling reason to send a payslip every month.

dzug1

You normally only get a 'payslip' when the amount varies more than a £ or so, but you should get an initial one with the standard monthly amount. The 20p or so a month that tax can vary is not considered significant.

Another system I've seen is that the tax is shown on your bank statement in the payee/comments field.

bondy01

I read with my paperwork that I would only get a payslip if the amount changed but I have received one every month since the pension started last July. There has been a couple of changes but maybe next tax year it could be different.

Errata

Both mine and my pa's private pension drop into our bank accounts every month, neither of us get payslips only the 'statement' at the end of the tax year.
The OP could ring their pension provider or their tax office and find out what the tax position is - eg has the provider received their correct tax code ?

pollypenny

I would give them a ring, lolly. There's a good chance that you will have some hiccups with tax for a couple of months.

Enjoy retirement!

placido

Did not get my letter notifying me of pension increase, as I usually do at this time of year; so rang up pension provider and was told that there would be no pension increase this year. Letters will be sent out in a couple of weeks.

Strange! It is going to take them longer to notify people that there is no pension increase, than it would if there was an increase.

lolly5648

Thanks everyone for your replies. I receive a level pension so no increase for me but hopefully will get a P60 in April which will explain everything - I hate ringing these faceless companies.

cranhill

I used to get a payslip but elected not to, now I get one once a year when it goes up by a few pennies.