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Posted Thu, 09 Jan 2025 14:50:29 GMT by sussextotenerife Cooper
I have currently started to receive one of my private pensions. I am 60 so I am still working full time. How is the tax owed on the private pension collected? Will this be added to my tax code through my employer or do I have to do a self assessment tax form and pay for it as a lump sum. I have received conflicting advice from ringing HMRC and my pension company. So far I have received my pension for one month and my tax code has not changed.
Posted Fri, 24 Jan 2025 06:56:55 GMT by HMRC Admin 25 Response
Hi sussextotenerife Coo,
If you are now receiving this pension income regularly (i.e. every month), this source of pension income will have it's own tax code.
Any tax due on this income will be taken directly from your pension payments, before you receive them.
The amount of tax you pay on each payment will depend on the tax code applied to your pension source.
You can find out more about the tax code applied to your pension here:
What your tax code means .
If you would like us to review the codes applied to both your pension and employment, contact us here:
Income Tax: general enquiries
Thank you. 

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