Pensions are treated as earned income in the same way as salary and are taxed through the PAYE system. Depending on your circumstances, your Plan pension may not be taxed.
BBS apply the tax code issued to them by HMRC. When BBS start paying your pension, they will tax you as a single person until HMRC issues them with a new code. BBS will apply your tax code on a ‘Month 1’ basis – this means they cannot include any pay received or tax already deducted in the tax year until they receive instructions from HMRC.
If you have a query about your tax situation, you will need to contact HMRC directly, as HMRC will not discuss personal tax matters with BBS. The tax office responsible for your Bayer pension is:
Pay As you Earn and Self Assessment
HM Revenue and Customs
Tel: 0300 200 3300
The Bayer tax reference number to quote if you contact the tax office will depend on the Section and Category you are a member of. These are as follows:
|BCSPF Section - AgrEvo Category||567/XZ19559|
|BCSPF Section - CropScience Category||567/XZ19559|
|Group DB Section||567/UZ46573|
If you do not know which member category you belong to, please contact BBS.