Payments and tax

Once you retire, monthly payments are made into your chosen bank account. Like regular income, pension payments are subject to income tax which is deducted automatically through PAYE (Pay As You Earn). The amount of tax you pay will depend on:

Your tax code, which is set by HMRC.
Your pension payments from the Scheme.
If you have other sources of income such as the State Pension, rental income or any other pensions.
The personal allowance limit set by the Government.

Your tax code is provided by HMRC, and it’s essential to check that it’s correct to avoid overpaying or underpaying tax. If you think your tax code is incorrect you can contact HMRC directly on 0300 200 3300 to request a review.

How to check and update your tax information

Your tax code is shown on your payslip and P60, and both are available by logging in to the Online Portal. If you need to update your tax code, make sure to contact HMRC on their website or by phone.

If your income changes, HMRC will adjust your tax code automatically.

Payroll

Your pension is paid through our pension payroll system. To check your payment dates, you can look at the payroll calendar.

A summary of important payroll information:

Payment date – your pension is usually paid on the same date each month. If the payment date falls on a weekend or bank holiday, it might be paid on the previous working day instead. Payments need to be approved by the cut off date to be paid in the corresponding month.
Bank details – make sure your bank details are correct and kept up to date to avoid payment delays.

Payroll calendar 2026-2027

Payroll Month	Cut Off	Payment Month	Payment Date
1	20/03/2026	Apr-26	02/04/2026
2	22/04/2026	May-26	06/05/2026
3	22/05/2026	Jun-26	05/06/2026
4	23/06/2026	Jul-26	06/07/2026
5	24/07/2026	Aug-26	06/08/2026
6	21/08/2026	Sep-26	04/09/2026
7	23/09/2026	Oct-26	06/10/2026
8	26/10/2026	Nov-26	06/11/2026
9	23/11/2026	Dec-26	04/12/2026
10	21/12/2026	Jan-27	06/01/2027
11	25/01/2027	Feb-27	05/02/2027
12	22/02/2027	Mar-27	05/03/2027

Pension increases

Your pension may increase annually on 6 April. Different parts of your pension increase at different rates as set out in the Scheme Rules. Any changes to your payment amount will be shown on your payslip, which can be accessed through the Online Portal.

A letter confirming your pension increase and how much your pension will be for the next 12 months will be added to the Online Portal in late March or early April each year ahead of your April pension payment. If you have opted out of digital communications this letter will be sent to you in the post.

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Payments and tax

Payments and tax

How to check and update your tax information

Payroll

A summary of important payroll information:

Pension increases

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YOUR OPINION MATTERS