Your Payments

Pension payments paid by BACS should be credited to your bank or building society account on:

• Cambridgeshire Pension Fund - monthly around the last working day of month - see below.
• Northamptonshire Pension Fund – monthly around the 25^th - see below.

We do not currently send payslips to our pensioners on a monthly basis, these are only sent out at key times of the year or following a change to your circumstances.

Payslips will be sent to your home address, in the following circumstances:

• Your first pay advice
• In March (year end information on payslip)
• In April (for Pension Increase (PI) month)
• In May (for your first complete month after PI has been applied)
• Any change in your tax code
• Any month where your net pay is changed by £5.00 or more

It is vital that you keep us informed of any changes to your address. If pay advices are returned to us, we may have to suspend your pension as a fraud protection measure.

A form is available for this purpose, along with a form to update your bank details, on our Newsletters, forms and factsheets page.

Each year, the pension that you receive from us is usually increased in line with the cost of living. This is based on the Consumer Price Index as assessed over the previous year, to 30 September. The next increase to your pension is due to take place on 8 April 2024, at which point a 6.7% increase will be applied to your pension and pro-rated if you have not been receiving your pension for the full year.

Your pension payments are taxable as earned income in the same way that your earnings were before retirement. This means, subject to your personal tax allowance, if your income is high enough, you will still have to pay tax when you retire.

The tax you pay depends on your age and marital status as well as the total amount of income that you receive. The following items could be included in what makes up your assessable income, for tax purposes:

• The pension you receive from us
• Any other pension that you receive, including State Pension
• Unemployment benefit
• Earnings from other jobs/self employment
• Interest on some savings and investments

If you receive a lump sum Retirement Grant as part of your benefits this is paid TAX FREE.

If you have any tax queries, please contact the tax office, on the details below, quoting the relevant reference number:

Pay As You Earn and Self Assessment, HM Revenue and Customs, BX9 1AS. Tel: 0300 200 3300

• Members of Cambridgeshire Pension Fund:         Cambridgeshire Pension Fund 475/ZB50342 and your National Insurance number
• Members of Northamptonshire Pension Fund:     Northamptonshire Pension Fund 475/KB50344 and your National Insurance number

For more information about Tax and your Pension, please visit HMRC or Gov.uk, the HMRC website also shows the latest tax rates and allowances.

We're not responsible for the administration of State Pensions. State Pensions are administered by The Pensions Service, a part of the Department for Work and Pensions. Also Gov.uk website (previously DirectGov) has a section headed State Pension.

Contact details to query your State Pension are as follows:

• State Pension first claims - 0800 731 7898
• National helpline - 08456 060 265