Ensuring correct tax taken from pensions.

TELLIT01

I'll be coming up to retirement in the not too distant future but haven't a clue how to ensure the correct tax is taken from my pensions. I currently receive one pension which is taxed at the basic rate because of my employment income.
Come retirement I will have 2 'work' pensions plus state pension. Unfortunately I retire before the changes to state pension kick in in April '16.
What will I need to do to ensure the various pensions are properly taxed?

Linton

HMRC will sort it out. Pensions (other than SP which will consume most of your tax allowance) are handled by PAYE, the same as wages. So just as with wages all you need to do is check the tax codes, which will be different for each pension.

xylophone

HMRC will sort it out.

Well, yes, they should.

But there have been cases where pensioners have been over or under taxed for a number of years, which tends to cause alarm and consternation when it is discovered.

So check the figures and make sure that HMRC have it right - it is your responsibility to advise them if they haven't.....

http://www.listentotaxman.com/

https://www.gov.uk/tax-national-insurance-after-state-pension-age/calculating-national-insurance-and-tax

https://www.gov.uk/tax-on-pension

ArchieVist

Perhaps it's worth mentioning that you are not obliged to take state, work or private pensions on your 'selected' retirement date - you should be able to defer any of them until you need the income. Meanwhile, most pension pots will continue to rise at rates above inflation.