April means the beginning of a new tax year and the arrival of all sorts of financial, tax-related paperwork through your letterbox. Pension statements, your P60, or a letter informing you about your tax codes could be among these.
All companies that pay out pension benefits are required by law to send you this information. But when it all arrives at once it’s understandable if it can all feel a little overwhelming. To help put your mind at ease, we've put together a list of common questions that you might have about P60s and tax codes.
If you live abroad please allow a reasonable amount of time for overseas delivery. If your P60 hasn’t arrived by the beginning of June, please feel free to get in touch – we’ll be happy to help.
Frequently asked questions
The P60 we’ve sent you shows the total amount of income you’ve received from, and any tax you’ve paid from, your Just policy for the tax year just gone.
For policies administered by Third parties, a P60 will be sent out separately. If you feel that you are missing a P60 for one of your policies, please contact us.
By law, we have to send you a P60 form at the end of each tax year. You may need it to:
- complete a tax return, if this applies to you
- claim back any tax you've overpaid, or
- apply for tax credits.
Even if these don't apply to you, it's still a good idea to keep your P60 in case you need it at a later date.
Tax codes often change at the beginning of each tax year, to reflect the changes in personal allowances and tax thresholds. However, your tax code may also change during the tax year if there have been recent changes to your circumstances.
For example, your tax code may have changed if you've recently:
- started receiving your State Pension
- started receiving a taxable benefit (for example State Pension or Jobseeker’s Allowance)
- finished work or started a new job
- started receiving other income, or
- applied for the marriage allowance.
Please contact HM Revenue & Customs (HMRC) to confirm this as we can only use tax codes issued by them. HMRC's contact details are below:
HMRC phone number:
0300 200 3300
HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
If you’ve got a question about how much tax you’re paying, please contact HMRC. The amount of tax taken from your income is set by them.
Overpaid tax will normally be refunded during the year through new tax codes issued by HMRC. After the tax year, HMRC will send you P800 tax calculations showing the amount of overpaid tax (or amount of tax owing).
Follow the instructions on the P800 to get your refund. If you are registered for Self-Assessment, you will need to complete a Self-Assessment form online to claim your refund.
If you think you’ve paid too much tax please contact HMRC in the first instance. Their contact details are shown below:
HMRC phone number:
0300 200 3300
HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
HM Revenue & Customs (HMRC) look at your tax situation towards the end of each tax year, when the amount of tax you pay is reviewed. They will send us and you a new tax code notice, which may affect the amount of income actually paid into your bank account.
Please contact us in writing at the address below or by phone on 01737 233297 to tell us about any changes to your contact details.
Our address:
Just
Enterprise House
Bancroft Road
Reigate
Surrey
RH2 7RP
Although we may have received amounts from more than one company or pension plan, and each has a separate policy number, we combine these so that we can make a single payment to you. The P60 form includes all payments made by Just to you in the current tax year.
If you've lost your P60 and need a copy, please call us on 01737 233297 to ask for one.
Your P60 covers the tax year beginning on 6 April 2024 and ending on 5 April 2025.
That's us! If you need to speak to us, please call 01737 233297.
Don’t worry! If you haven’t yet received your 2024/2025 P60 from us (and you usually receive it from us directly), then please call us on 01737 233297.
Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.
There are three amounts given.
- ‘Pension paid by us’ is the amount of income before tax.
- ‘Tax Deducted’ or ‘Refunded’ is the amount of tax taken from your income or refunded to you.
- ‘Pension Less Tax’ is the income we paid to your account after tax.
If we received your P45 form from your previous employer or pension provider, and it related to the tax year in question, we have to quote this information on your current P60 form. HM Revenue & Customs (HMRC) may also give us this information.
The lump sum allowance and lump sum and death benefit allowance were introduced on 6 April 2024, replacing the lifetime allowance.
The lump sum allowance is the limit on tax-free lump sums you can take from your pensions, this limit is normally £268,275.
The lump sum and death benefit allowance is the limit on tax-free sums you and also your beneficiaries can take from your pensions, this limit is normally
£1,073,100. Any tax-free lump sum you take counts towards this, as well as serious ill health lump sums and any tax-free lump sum death benefits (such as a value protection lump sum) that are paid out after you die.
If you have lifetime allowance protection (for example fixed, individual, primary or enhanced protection), both of these allowances may be higher.
By law, we have to send you a statement every year confirming the lump sum allowance and lump sum and death benefit allowance amounts you used when
you took your benefits with us. You may be asked to provide this if you take a tax-free lump sum from another company or pension plan.
If you took a tax-free lump sum after 6 April 2024, we have used the amount of tax-free lump sum taken.
If you took benefits before then, we have converted the percentage of lifetime allowance used into the equivalent lump sum allowance (LSA) and lump sum and death benefit allowance (LSDBA) amounts, using a formula provided by HMRC.
We have had to make some assumptions when converting any previous lifetime allowance percentages. For example, we have assumed that you didn’t have any transitional protection against the lifetime allowance unless your policy is an Immediate Vesting Pension or Fixed Term Annuity.
If you believe that we’ve calculated this incorrectly, please let us know.
If the amount of tax-free lump sums you’ve taken is less than these amounts, you can apply for a transitional tax-free amount certificate (TTFAC). If you already have a TTFAC, you need to let us know and we’ll update your statements to show the actual amount of tax-free lump
sum paid.
The lump sum allowance (LSA) and lump sum and death benefit allowance (LSDBA) amounts shown in your P60 are the sum of the amounts for all the annuity and fixed term annuity policies you hold with us. We don’t include
pensions you receive from other schemes or providers.
If you’ve transferred your fixed term annuity policy to another provider or bought an annuity with another provider, we won’t include the LSA and LSDBA amounts for that policy. If you’ve taken a lump sum from your
fixed term annuity policy, we’ll still include the LSA and LSDBA amounts for that policy.
There are some scenarios where the LSA and LSDBA amounts don’t apply, for example if your annuity started before 6 April 2006. If this is the case, the amounts will show ‘n/a’ (not applicable) or zero.
All UK residents are each assigned a tax code by HM Revenue & Customs (HMRC), even if you are a non-tax payer. If you’d like to know more, please contact HMRC for further information.
If you have a question about how much tax you’re paying, please contact HMRC using the details below. The amount of tax taken from your income is based on the tax code provided by HMRC.
HMRC phone number:
0300 200 3300
HMRC Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.
You can contact HMRC using the options below:
Phone number:
0300 200 3300
Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
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