What date is your pension actually paid?

[NorthernBoy]

I will be taking my pension next year and want to know what date is it actually paid into your account?

I know you get 2 payments from the different pension funds, are these on the same date.

Thanks

[ihatedogs]

Mine both come in on the last weekday of the month.

[Wullie10]

It's the last day of the month but the first payment may be delayed until its sorted. I had to chase after them for mine as an adminstrive error meant I didn't get paid.

[NorthernBoy]

Thanks for replies both.

I have some AVCs as well hope they are paid promptly once I take the pensions

[Stef]

I have a wee question concerning when you retire. I plan to retire age 60 in the month of January 2028. So when i get my 1st pension and my AVC's , i presume the AVC's (£20,000) will be taxed as it will be three quarters way through the financial tax year and the tax office will not know i have stopped working. Then i presume i would need to claim the taxed AVC amount back to receive my entitled 25% tax free amount? Hope this is not too confusing.

[RobertT]

I have a wee question concerning when you retire. I plan to retire age 60 in the month of January 2028. So when i get my 1st pension and my AVC's , i presume the AVC's (£20,000) will be taxed as it will be three quarters way through the financial tax year and the tax office will not know i have stopped working. Then i presume i would need to claim the taxed AVC amount back to receive my entitled 25% tax free amount? Hope this is not too confusing.

Your 'wee' question will actually have a number of different answers depending on which section you're in and how you decide to take your main benefits.

25% of any pension can usually be taken tax free, so that won't count towards your taxable income in the year you take it.

AVC's are part of your overall RM pension benefits and are designed to fund the tax free lump sum, meaning you don't have to give up as much, or possibly any pension to get that lump sum. Particularly good for section C'ers as they don't get a lump sum as standard.

As a rough guide, use the info on page 12 of the RMPP guide to benefits(on the website). But work out your NRA60/AVC's separately to NRA65/DBCBS.

There is also the option to take all your 25% tax free amount from your main benefits, by giving up some pension. Your AVC's are then paid as a UFPLS, which means 25% of those will be tax free and the rest taxable.

[Stef]

Section C Robert, i plan to take my NRA 60 in full with my AVC's. Cheers for your reply Robert

[RobertT]

Section C Robert, i plan to take my NRA 60 in full with my AVC's. Cheers for your reply Robert

In which case, as long as your NRA60 is worth at least £3k per year(total £60k using the 20x multiple), your £20k in AVC's would be within 25% of pot value and will all tax free.

[Stef]

Thanks RobertT