Early Retirement and P45

Clive1947

I am taking early retirement at the end of the month, with a lump sum and a reduced monthly pension, I will be 65 next April. I should be entitled to some tax refund but don't know how to claim it, Do i send my P45 to my pension supplier and get it back that way, or do I claim it back from Inland Revenue in which case how does my pension provider know how much tax to take off my monthly pension. Though the amount I will receive shouldn't be taxable, but they will obviously stop emergency tax if they don't have a tax code. I am so confused please can you help.

Bigmoney2

HMRC or you company pension admin. will send you a tax return to fill. (can't remember who sent mine, but I got it not long after finishing.) You'll probably get a refund after next april when the new tax year starts, for tax owing from this tax year. Your personal allownce will also incease when you reach 65 as well.