USS - Investment Builder UFPLS withdrawal - How to check the figures?

UncleTomCobley

Greetings,

Following a UFPLS withdrawal request from my investment builder, the USS has sent me a letter with some details and has paid an amount over to my bank account.  However, the details aren't quite akin to what's on a typical payslip (such as the one I get from my Retirement Income Builder) and, as such, don't think I can actually check the numbers are correct - well not without trying to guess things.

The letter only states:
-the total cash payment (before deducation of tax);
-the tax-free element and
-the taxable element.

It doesn't say what the actual net payment is (though I know how much was actually paid into my bank account) nor what tax code was used nor (if it was a cumulative one) what earlier tax had been accumulated from other UFPLS payments I've already taken in this tax year. For completeness. it doesn't look like an emergency tax code has been used. 

Does anyone know how I can check the numbers are ok without having to go back to the USS to ask for more details? I can't see anything on My USS that gives any more info.

redpete

Taxable element should be 3 * the taxable element. (25% of the total is not taxable.)

Total payment minus the amount that arrived in your bank is the amount of tax paid.  If this is 20% of the taxable element then your tax code with USS will be one of those that deducts basis rate tax from the whole taxable element.  If it's more than 20% than you would be paying higher rate of tax on some of it. If it's less than 20% then some or all of your tax-free allowance will have been allocated to your USS pension payments.

Best way forward though would be to ask USS for your actual payslip, this will include the tax code they have for you, it might not include the 25% tax free element (my payslips from ii do not mention the tax-free element at all), and the actual amount of tax deducted.

If you have an online HMRC tax account you can find out from there what tax code has been used for your various sources of income. 

UncleTomCobley

Thanks for the reply.

Unlike i and unlike its DB scheme, the USS doesn't seem to do payslips for its DC withdrawals. Somewhat annoyingly,I guess I'll have to phone them up to try and find out what tax code etc was used so I can check then numbers.

Dazed_and_C0nfused

UncleTomCobley said:

Thanks for the reply.

Unlike i and unlike its DB scheme, the USS doesn't seem to do payslips for its DC withdrawals. Somewhat annoyingly,I guess I'll have to phone them up to try and find out what tax code etc was used so I can check then numbers.

They still have to report taxable income to HMRC using the Real Time Information system though.

So if you have been paid something you should see some basic info in your Personal Tax Account.

UncleTomCobley

Excellent - I will have a look there.