Payment Advice Slips/P60
Payment advice slips
A payment advice slip will be issued with your first pension payment and then each year at the end of March.
This sets out the pension that you will receive (including any annual increase due from 1 April) during the Scheme Year.
Thereafter, for cost and efficiency reasons, advice slips are only issued if your net pension differs by £30 or more from the previous payment.
P60 (end of year certificate)
P60 certificates are issued annually with a letter explaining the value of the increased Standard Section pension to all pensioners and dependants to the end of March.
The P60 includes the following information:
- Pension payment received during the tax year (the tax year is different from the Scheme Year therefore the amount quoted on your P60 will differ from your annual Scheme pension)
- The tax code used during the tax year
- The tax paid or refunded during the tax year
You may need your P60 as proof of your income received or if you have any queries about the level of tax you have paid during the tax year, so you should keep the document in a safe place for future reference.
A guide explaining your annual Pension Payment Advice/P60 can be viewed here.
A separate guide for pensioners of the former Corus Engineering Steels Pension Scheme can be viewed here.