How is my pension paid?
The basics
- Your pension is paid into your bank, building society or Giro account in the UK.
- If you live abroad, your pension payments can be made direct to an overseas bank. Overseas payments are sent by our bankers (Bank of New York) and are automatically converted to the local currency of the payment destination.
- We are required to deduct UK tax from your pension unless you are resident abroad and we have been notified by the tax authorities that you are exempt from UK tax.
- We will send you a payslip with your first pension payment. After that we will only send you a payslip if the amount you get is to change by more than £0.99.
- Please let us know as soon as possible if your details have changed (i.e. your name, address or bank).
BAMPS
- You can choose to have your pension purchased from an insurance company instead of NAPS. In this case, payment arrangements will depend on the insurance company, but tax will be deducted via PAYE.
Lump sum
- If you have elected to take part of your pension as a Lump sum, we will send you the payment by the Banking Automated Credit System (BACS) on the first working day after your retirement. The payment will normally reach your nominated UK account within five working days.
Tax queries
If you have a tax query, please call the tax office on 0845 302 1409 or write to:
HM Inspector of Taxes
Lothians Area
Saughton House
Broomhouse Drive
Edinburgh
EH11 4XR
Quote reference 846/BA52