PAYE code for second pension

SallyG

Hold on to your hats.....
new tax code for my small DB second pension is bigger than the pension it actually pays - for "GMP reasons" the amount payable from this pension hasn't increased for c10 years and "never will" ............ so the new code gives me a tax free allowance roughly £50 over what I can ever use and consequently wastes £50 of my tax free personal allowance that I could use on my bigger DC drawdown pension - is there any coherent HMRC reason for doing this?

Goldiegirl

Why not phone them, and ask them to split the tax allowance between the two pensions.

Then you can use the whole tax allowance

If you don't tell them, they won't automatically do it.

bigfreddiel

Log on to your PTA and adjust it yourself.

Everyone with a NI number had. PTA, Personal Tax Account, and you access it via your government gateway login. If you haven't got one just apply for it on the same page.

Cheers fj