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HMRC showing pension income as coming from employment

flaneurs_lobster
Posts: 5,227 Forumite

I have a DB pension that has been in payment for about a year. The pension is administered by a third party but the payments are made from my ex-employer's payroll. I'm assuming that this is why my HMRC PAYE Summary shows this income as coming from employment rather than pension.
The amounts and tax codes seem OK but I'm unsure if having this income misclassified has any other ramifications, and should I be asking HMRC to amend their records.
Perfectly happy to just let things continue "as is" unless there are consequences that I'm not aware of.
Does anyone have any insights or thoughts?
The amounts and tax codes seem OK but I'm unsure if having this income misclassified has any other ramifications, and should I be asking HMRC to amend their records.
Perfectly happy to just let things continue "as is" unless there are consequences that I'm not aware of.
Does anyone have any insights or thoughts?
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Comments
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No ideas about (future?) ramifications, but it would do no harm writing to HMRC and pointing this out, and keeping a copy of the letter to prove you did so.Don't expect a quick answer though.1
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I have a DB pension that has been in payment for about a year. The pension is administered by a third party but the payments are made from my ex-employer's payroll. I'm assuming that this is why my HMRC PAYE Summary shows this income as coming from employment rather than pension.The pension payment should go through a payroll system and is subject to PAYE (so payslips and P60 expected). However, you would typically expect it to be a different payroll to the employees.
You would expect to see it listed on the PAYE summary.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
are you being hit with NI on it?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.2 -
MallyGirl said:are you being hit with NI on it?0
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