Are either 75 or 05 taxed before you get the money (monthly) or is what your yearly figure is simply divided by 12 ??

Under both 75 and 05 then your pension is considered taxable income. The amount of tax and allowance applied depend on what else you are receiving in taxable income.....the pension is taxed at source as if PAYE so what you get is what you get.

If you need more than that you need to speak to Al R or another IFA as I'm just an amateur.

Chest

It's taxed monthly as an average (like our wages are) but no national insurance is taken off - the amount you are taxed depends on your tax code. SPVA will send a summary of your pension and what your monthly amount will be based on the tax code they are given by the tax office.
If you want you can get all of your personal allowances set against your pension at the beginning of the tax year and then (depending on your salary if you have another form of income) the tax office will apply a tax code against any other income/incomes.

I think that's correct.

Tax
 

You're taxed monthly and your Personel Allowance should be £9445, rising to £10000 in April 14!:D

What's a fiver between friends? £9440 is the FY '13 - '14 tax allowance.

Although, I've always found it curious that (normal) tax allowances have conditionally ended in a '5'.