How is my pension paid?
The basics
- Your pension is paid into your bank or building society 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 Mellon) 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 will receive changes by more than £0.99.
- It is very important that you 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 3000627 or write to:
HM Inspector of Taxes
Grayfield House
5 Bankhead Avenue
Sighthill
Edinburgh
EH11 4AE
Quote reference 846/BA52