Paydays, your monthly pension is paid in arrears on the last working day of the month.
The paydays for 2023 are:
|28 April 2023
|31 July 2023
|31 October 2023
|31 May 2023
|31 August 2023
|30 November 2023
|30 June 2023
The paydays for 2024 are:
|31 January 2024
|30 April 2024
|31 July 2024
|31 October 2024
|29 February 2024
|31 May 2024
|30 August 2024
|29 November 2024
|28 March 2024
|28 June 2024
|30 September 2024
|20 December 2024
Pension pay day
Payslips are available online through the Scheme’s secure member website.
Payslips are still sent to pensioners in:
January - after the Scheme pension increase;
March – as a combined P60 & March payslip;
April - after the Guaranteed Minimum Pension (GMP) increase (please see Guaranteed Minimum Pension section below). GMP increases only apply to pensioners who have pensionable service after April 1988 and are over GMP age (65 for men, 60 for women);
If there is a net change in your monthly pension of more than £5.00.
All pensioners will receive a combined P60 & March payslip. The combined P60 will be posted to your home address before the end of April each year.
P60s are available online through the Scheme’s secure member website.
The Lifetime Allowance (LTA) was introduced in 2006 and is a limit on the amount of pension benefits that can be drawn from pension schemes, whether lump sums or retirement income (pension), without triggering an additional tax charge. The LTA amount changes each year, the current and previous LTA rates can be found at https://www.gov.uk/guidance/pension-schemes-value-your-pension-for-lifetime-allowance-protection
While most people aren’t affected by the LTA, if the value of your pension benefits is approaching or above the LTA, you should seek advice from an independent financial adviser.
The levelling option was available to members who retired before 2009. The option is no longer available to members on retirement.
The amounts of the levelling option addition and deduction are fixed at the date your pension starts. Once members reach State Pension Age (SPA), any RPI increases awarded are added to pensions before taking off the Levelling Option deduction.
The Levelling Option allows members to take account of their entitlement to a Basic State Pension by receiving an enhanced BCSSS pension up to SPA. The BCSSS pension is reduced once a member reaches SPA; payment of the State Pension then has the effect of offsetting the reduction in BCSSS pension and so ensures that there is no overall fall in income.
The Levelling Option addition stops when the member reaches SPA. From then on, the pension is reduced by the amount of the levelling option deduction, which stops at age 80.
The option was designed to work around a SPA of 65 for men and conforms to UK taxation regulations. Changes to the SPA, introduced by Government, meant that in April 2009 the Levelling Option had to be withdrawn for new retirement awards where the members SPA is higher than age 65.
If you are already in receipt of a Levelling Option top-up (because you are under SPA and took the Levelling Option) or a deduction (because you are over SPA and under age 80) you are unaffected by this change, which only applies to members retiring from April 2009 onwards who have a SPA higher than 65.
For more information please click here.