PPRuNe Forums - View Single Post - Why has my pension gone down?
View Single Post
Old 12th July 2015 | 22:39
  #30 (permalink)  
AllTrimDoubt
 
Joined: Feb 2001
Posts: 390
Likes: 0
From: UK
To clarify, having retired last year at 55, I was only getting the AFPS at the time of my tax code calculation. However I've now started some part-time work, so have registered for self assessment for this tax year...

Looking through my paper work I find that I received an Equiniti Advice of Payment in April showing a tax code of 1060L (as one would have expected), with a pension increase of only 0.8%, rather than the full 1.2% (not sure why).

However, in May, I received another Advice of Payment informing me of a tax code change to 560L, so I presume they've decided I underpaid last year...
ANAPROP

Almost identical situation having retired in Jan AFPS 05 (PA Spine) and suddenly found after a few months income decreased markedly. Tax code mysteriously dropped to 560L. Several hours on hold and a few choice words when able revealed HMRC had "assumed" I was still being paid as a regular and had taken it upon themselves to correct the situation. Code now restored to reflect full allowance and deficit recovered. It's a minefield. No apology offered either!
AllTrimDoubt is offline  
Reply