Tax

How your pension will be taxed

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You pay Income Tax on the income that you receive from all of your pensions. But you’ll only pay tax if all of your pension income, including your State Pension and any other taxable income, is more than the Personal Allowance. You do not pay National Insurance on income from your pensions.

Find out how much the standard Personal Allowance is this year

Income tax is deducted from your pension payments each month automatically through payroll. It works in the same way as it did when you were working.

If you think that you’ve paid too much tax, or that your tax code is wrong, you need to contact HMRC. They may ask you for your National Insurance (NI) number. You can find this on your payslip.

Find your payslips on the online member portal

To contact HMRC:

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