We will be sending out pension increase
letters and P60s in early April if you’re paid weekly, late April if you’re
paid monthly or May if you’re paid quarterly.
How much will I get?
Section A/B members - the basic rate of
increase to your pension is 3.1% for the year
Section C members – the basic rate of
increase to your pension is 4.9% for the year
Pension
increases are applied using different rules, to help you understand, please see
below:
If you retired
part way through the year, or if your pension has a Guaranteed
Minimum Pension (GMP) element, you will only receive part of the full increase. If your pension started being paid after 27 March 2021,
or you are under 55 years of age, you will not be eligible for an increase.
GMP
This stands for Guaranteed Minimum Pension and is the portion of your
benefits that the RMSPS must pay because you were contracted out of the
additional state pension (also known as the second state pension or SERPS)
between 1978 and 1997. While you were contracted out, you did not build up
additional state pension and instead the RMSPS agreed to pay you a guaranteed
minimum level of benefits.
Pre-88 GMP
This is the GMP you built up before 1988. We do not increase your pre-88
GMP if you reached State Pension age before 6 April 2016. Click here for more details
Post-88 GMP
This
is the GMP you built up after 1988. This year your post-88 GMP will increase
by 3.1%. For more information about how your post-88 GMP increases
click here.
P60 and tax
Your P60 will show you how much pension you received from the Scheme and
the tax you paid on it over the 2021/22 tax year and it will be sent out with
your first payslip of the new tax year.
P60 – what is it, and why do I need it?
By law, we must send you a P60. This is your Tax Certificate and is issued
at the end of the financial year.
You’ll need your
P60 if you need to:
- claim
back overpaid tax
- apply
for tax credits
- prove
your income if you apply for a loan or a mortgage
If you think your P60 is wrong, please contact HMRC.
HM Revenue & Customs,
Pay As You Earn,
PO Box 1970,
Liverpool, L75 1WX
Telephone 0845 300 0627
Opening hours
Monday to Friday: 8am – 8pm
Saturday: 8am –
4pm
The text phone
for those with hearing or speech impairment is 0845 302 1408.
You can find out more information about your P60 and your payslip in our Frequently
Asked Questions (FAQs).
If you still have questions after reading the FAQs, please contact
us.