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Pensions, savings and tax

(6 Posts)
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DollyRocker Wed 17-Apr-24 19:28:09

Hi everyone, hoping there are retirees etc who can help. I have recently reached State pension age and also receive a final salary pension from my old workplace plus I get interest on savings (using isas also to try to minimize tax!). I'm now liable to pay income tax, (government keeping the tax code/threshold low to ensure this)!
I've looked everywhere I can online including hmrc but can't seem to get a definitive answer as to whether I should fill out a self assessment or if the tax is taken off by my workplace pension providers? Also do the banks and building societies sort out the tax on interest or do I need to declare this on a self assessment?I had a look on government gateway and my tax code has significantly changed. Thank you

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Aveline Wed 17-Apr-24 19:36:38

Your workplace pension will most likely be taxed at source but I don't know about your other income.

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Scribbles Wed 17-Apr-24 19:43:00

I'm in a similar place to you, DollyRocker and tax is deducted on a PAYE basis by the two pension funds paying out my private pensions.
Interest on non-ISA savings is declared to HMRC by the banks/building societies and, if you're a standard rate tax payer, your tax code will be adjusted so that you pay tax on any interest over £1000pa. In other words, more money will be deducted each month from your pension payments but all the interest you've accrued remains untouched. If you're a higher rate tax payer, the tax-free allowance on savings interest is only £500pa - they get us all ways!
HTH

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DollyRocker Thu 18-Apr-24 12:32:54

Thank you both! That's very helpful and makes sense. I found a portal today on government gateway to go through to check if I need to fill out a self-assessment tax return and it appears not, so good news! Thanks again.

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HousePlantQueen Thu 18-Apr-24 13:28:59

My private pension providers send me notification of changes to my tax code.

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DollyRocker Thu 18-Apr-24 15:01:08

Ah that's great! My pension providers or administrators, Benpal mercer are useless (see Trust pilot reviews gah!) and in the midst of being taken over. I can't log in & they just send invalid links. I've messaged them umpteen times but they just keep on sending invalid links. Ive now given up & hope the new company is less incompetent & actually fit for purpose.

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