Benefits

How your pension is paid

We pay you a pension for the rest of your life

Most members have their pension paid monthly. A small number of members have their pension paid annually.

When you take your pension, we’ll explain whether it’s paid monthly or annually. And we’ll tell you what date it will be paid.

We pay your pension into your bank account. You can change your bank account details at any time.

Contact us to change your bank account details

Last updated: 28/10/2024

How your pension is taxed

Any pension you receive counts as income. You’ll pay income tax on your pension if your total income adds up to more than your Personal Allowance.

Your total income includes your income from the Scheme plus any other income you receive – like a salary from working, or profits from investments.

You get an online payslip each month that explains how much pension you have been paid and how much tax was deducted.

We’ll only post your payslip if your monthly pension changes by £5 or more, or if you ask us to.

Log in to view your payslips

If you have questions about how much tax you pay, or if you think your tax code is wrong, please contact HM Revenue and Customs on 0300 200 3300.

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