BPAS retired members
As you are now receiving your BPAS pension, you may still have several questions concerning your pension payments. Below are some frequently asked questions that you may find useful.
Frequently asked questions for retired BPAS pension members
- Your pension is paid in arrears and on the penultimate working day of each month, except for those months that have a bank holiday that falls on that date and which affects payment. Payment dates for each tax year are confirmed in the Pension Increase letters that are issued.
- Payments are paid directly into your bank account by BACs transfer.
- Pension payments are subjected to tax, as it is treated as regular income. Your tax code is advised by HMR&C each year. Should you need to contact HMRC to discuss your tax position, please see the contact details section.
- You do not pay National Insurance on your pension payments.
- Your pension is paid for the rest of your lifetime.
- Your pension is reviewed annually and index-linked to increases in official pensions as paid to public sector employees. This increase applies to pensions for surviving spouses, dependants and eligible children.
- The annual increase, reflects the change in both the Retail Prices Index and Consumer Price Index over the 12 months up to the previous September, as prescribed by the government.
- The increases take place each April.
- The BPAS scheme rules identify which element will be increased in line with the Retail Price Index and which element will be increased in line with the Consumer Price Index.
- Should there be any periods of negative inflation, we will not reduce the value of your pension, but likewise, it will not be increased in that year.
- A Pension Increase letter will be issued to you each April to confirm any increases you might receive.
Payslips are not issued each month, but instead at certain times of the year. You will receive a payslip when your pension first commences, and then at the following times in the year:
- March – A payslip for March will be issued to you which in effect details your pension and tax payments for that scheme year.
- April – The April payslip will show the part month’s pension increase that will be applied.
- May - The May payslip, should show the correct tax code that will be applied to your pension and the actual monthly pension due for that current tax year.
However, should you receive a mid-year tax code change that increases/reduces your net pay by £5 or more, a payslip will be issued to you for that month.
We do appreciate that you may for other reasons, require a copy of your current payslip. Please contact our payroll team to request a copy.
Your P60 is usually issued in May each year by our payroll team. Should you require further information concerning your P60, please contact out payroll team.
Please complete our change of bank details form and return a paper copy to the pensions office to the address detailed on the form. We are unable to accept an electronic copy of your bank details. Changes to your bank details will be made in the next pension payments after receipt of your information.
Pension payments will still be paid to you even if you live or are thinking of moving to live abroad.
If you no longer have a UK bank account, then your pension will be paid to your overseas bank account. In addition to your bank account details, we will also require your bank IBAN or SWIFT code details.
You may not need to pay UK income tax, if you are a resident for tax purposes overseas. However, you will need to pay tax on your income in the country that you will be living in. You will need to check what tax arrangements that country has with the UK, as you could potentially pay double taxation unless you apply for UK tax relief. A full list of countries with a double taxation agreement (DTA) can be obtained by searching ‘double taxation agreements on the government website Double taxation treaties: how they work - GOV.UK (www.gov.uk)
In order for us to keep you up to date with your pension scheme, it is important that you keep us informed on any changes to your correspondence details. Please complete the following ‘Change of Address’ form and send via email to the pension’s office.
If you die in retirement, depending upon your circumstances, the following benefits will be payable:
- If you die within five years of retiring, a cash sum equal to the balance of the pension you would have received up to the end of the five-year period at the rate being paid to you when you die. This sum will be paid to your estate, and
- If you are married (including civil partnerships), a pension to your widow or widower equal to two-thirds the pension you were receiving at the date of your death, or (if greater) which you would have received if you had not exchanged part of it for a cash sum at the date of retirement.
Any pension payable to your widow or widower will be paid during her or his lifetime.
If you have married after you retire and die within six months, your spouse's pension may be reduced. The pension will not, however, be less than your Widow(er)'s Guaranteed Minimum Pension.
It is important that you keep your beneficiaries and dependants up to date. To do this, complete an Expression of Wish form or a Registration of potential dependant form and return to the pension’s office.
NOTE: If you are not married or undertaken a civil partnership, but have been living with a long-term partner, the Trustees may consider payment of a dependents pension. It is suggested that you still complete a Register your potential dependent form and return to the pension’s office. Consideration as to whether a dependents pension is payable will be taken at the time of your death.