Income from a pension

lizzy

Hi, would anyone be able to broaden my knowledge on income received from a state pension.
Would you receive a statement from DWP at the end of the year showing amounts paid & (I presume) the tax deducted.

K H

There is no tax deducted from this income, the income is taken into account on coding notices or on the personal tax return but is always paid gross.

i believe each april a notice is sent out to each pensioner telling them what their pension will be for the next year ahead ,this will give you the information you require.

best wishes

lizzy

Thank u for your reply it was very helpful

JodieR

At my previous job I prepared tax returns for a number of pensioners and I remember usually getting the figures from their bank statements - just remember that it's paid in on a four-weekly basis so the payments need multiplying by 13 for the annual amount, not 12 (unless it's changed since then!)