Income from a pension

lizzy
lizzy Registered Posts: 36 Regular contributor ⭐
edited June 18 in AAT member discussion
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.

Comments

  • K H
    K H Registered Posts: 81 Regular contributor ⭐
    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
    lizzy Registered Posts: 36 Regular contributor ⭐
    Thank u for your reply it was very helpful
  • JodieR
    JodieR Registered Posts: 996 Beyond epic contributor 🧙‍♂️
    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!)

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