Your pension payments will be taxable if all the income you receive is higher than the personal allowance threshold. Please look at the current level of Income Tax rates and bands to find out if you will pay tax.
If you need to pay tax, it will be deducted at source by the Cardiff and Vale of Glamorgan Pension Fund on a PAYE basis, and details will be shown on your pensioner payslip.
When you retire HMRC will update us with a new tax code for you, however, while we are waiting for the new code we will use the tax code shown on your P45 which should be sent to us by your former employer.
If your last tax code is not known, we will use code 0T, which is an emergency tax code – which means no tax free allowance is taken into account. This code will only be used as a temporary measure.
All income tax code queries should be raised directly with HMRC, you can contact them by telephone on 0300 200 3300. When calling you will need to quote:
- your surname
- National Insurance number
- Cardiff and Vale of Glamorgan Pension Fund reference number – 948 / C1500C