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Tax, increases and deductions
Got a question about the tax, increases and deductions that are applied to your pension? You've come to the right place.
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Answer:
Final salary retirement benefits are based on total reckonable service and average salary, less any deductions in respect of the flat-rate national insurance scheme and the graduated pension scheme. These deductions take effect from when a member reaches state retirement age and are noted on your Retirement Statement letter.
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Answer:
Tax codes are supplied by HMRC and we have to apply the codes that they instruct us to. If you have any questions about your income tax assessment or code, please contact HMRC at: www.hmrc.gov.uk (This link opens in a new window) or
HMRC
PAYE & Self Assessments
PO BOX 4000
Cardiff
CF14 8HR
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Answer:
Public service pensions are increased annually by the same percentage as State Additional Pensions (the State Earnings Related Pension and the State Second Pension). It’s applied in April and is based on
the increase in the Consumer Prices Index (CPI) in the 12 months to September of the previous year.
To view the latest increase please visit our Updates page.
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Answer:
Under the National Insurance Pension Scheme, if you were employed in pensionable teaching employment between 1 June 1948 and 31 March 1980 your pension contributions were reduced. This means that when you reach state pension age the basic rate of your pension is reduced by £1.70 per annum for each year of service between these dates.
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Answer:
The Teachers’ Pension Scheme was contracted out of the Graduated Pension Scheme, which ran between 3 April 1961 and 5 April 1975. The only members who were required to be contracted into the Graduated Pension Scheme were
- female teachers who first entered service after age of 50 up to 31 March 1972 or who first entered service after age 55
- male teachers who first entered service after age of 55 up to 31 March 1972 or who first entered service after age 66.
If a member who had service between 3 April 1961 and 5 April 1975 took a repayment of contributions from the Teachers’ Pension Scheme they were then contracted into Graduated Pension Scheme for that period.
Ready to apply? Our forms page has everything you'll need to get started.
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Get an insight into how your pension is built and explore your options.
Calculators
Find the answers with our range of Frequently Asked Questions.
FAQs