Pension Emergency Tax?

Maverock

Hello, I hope someone on here can help or advise.


On the last Friday of March this year I retired having worked just 4 months past my official retirement date.


I have a total of five pensions available to me including State Pension, I currently only draw on 4 of them as the fifth is only about £14000 and am still considering what to do with it. I have not taken any 25% lump sums from these. Total annual pensions approx £16000



So far all my pensions receipts are showing a tax code of BR/1, does this sound right? Do I no longer have a Taxable Allowance?

Dazed_and_confused

Your tax codes for 2019:20 were probably calculated when you had the job you have just retired from. So no allowances for the pensions.

If you have received your P45 from the job then you should be able to get corrected tax codes for the pensions.

Before contacting HMRC you should have a think about which one (or more) of the 4 would be most appropriate to have your Personal Allowance allocated to. Usually the largest/main one is simplest but with 4 you might not have a main one as such.

And as far as HMRC are concerned you only have 4 pensions. There is no need to confuse matters by mentioning a pension fund you haven't started to take taxable income from.

Dazed_and_confused

And were you paid in month 12 of the tax year by the job you have retired from?

squirrelpie

Before contacting HMRC you should have a think about which one (or more) of the 4 would be most appropriate to have your Personal Allowance allocated to.

It's worth bearing in mind that since one of the four is State Pension, HMRC will automatically allocate a portion of the Personal Allowanceto the state pension. So it's probably easiest to allocate the remainder of the allowance to just one of the other three.

Maverock

Dazed_and_confused wrote: »

And were you paid in month 12 of the tax year by the job you have retired from?

I was paid weekly so although I worked the last week of March my last wage was paid on 4th April.

Dazed_and_confused

Ok, that means you are unlikely to be due a refund for 2018:19 then as your job would presumably have used all tax code allowances available.