UK Annuities: FINANCIAL CONDUCT REGULATED SITES • QUALIFIED, TRUSTWORTHY ANNUITY ADVICE

Centralising Your Pension Annuity Search

BUT FIRST, SOME IMPORTANT INFORMATION THAT COULD BOOST YOUR RETIREMENT FINANCES Have you taken out a credit or store card, mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage, loan or credit card with providers such as Barclaycard, Abbey, Santander, Littlewoods, MBNA, Halifax, HSBC, HBOS, Lloyds, Natwest, RBS or in fact any other credit provider, you may be able to reclaim up to £15,000 if you were sold PPI insurance - in most cases even if you have lost the paperwork. Learn more about PPI Claims now!


annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817


ANNUITIES: Annuities Tax, Annuities Taxation


Pensions and Annuities Tax Research:

PAYE for employers > Payroll, calculations and form filling > Pension payments and PAYE >

PAYE for pension and annuity payments PAYE for pension and annuity payments

Pension (including annuity) payments to employees count as income for payroll purposes. If your pension scheme is registered with HM Revenue & Customs (HMRC), you must deduct PAYE tax from any such payments that you make, however there are no employer or employee Class 1 National Insurance contributions (NICs) due. This guide sets out the steps you need to follow when starting a new pension payment. This includes notifying HMRC using form P46 (Pen), as well as making sure you use the correct tax code to deduct PAYE tax from the payment. It also explains which other forms you’ll need to complete in respect of your pension payments, such as form P11 and form P14. And it outlines what to do if a pension recipient dies. On this page: Important updates and changes Tax and NICs on pension payments: an overview New pension to employee who has just retired New pension to former employee - with form P45 New pension to former employee - no form P45 New pension to employee who still works for you New pension to deceased employee’s dependant New pension to someone who was self employed Form filling and record keeping What to do when a pension recipient dies Pension and annuity payments: special situations Important updates and changes A number of changes affecting pension and annuity payments took effect on 6 April 2009. You must now use a new form to notify HMRC of new payments – form P46 (Pen). And if you have 50 or more employees, you must file this form online. Tax and NICs on pension payments: an overview When you make a pension payment you must put it through your payroll, but not in quite the same way as you do with standard wage or salary payments to your employees. Provided your pension scheme has been registered with HMRC – this allows the scheme to benefit from certain tax reliefs and exemptions – then: you must deduct PAYE tax from any payments you make from the scheme you don’t need to deduct or pay any Class 1 NICs on the payments When pension payments are made from unregistered pension schemes, the NICs position is less clear-cut. If your pension scheme isn’t registered, contact the Employer Helpline on Tel 08457 143 143 for advice. This guide applies whether you are paying the pension as the employer, or on behalf of the employer. It’s the pension or annuity payments which are the deciding factor, not who pays it. Which tax code to use The tax code you’ll need to use when deducting tax from pension payments will differ depending on the pension recipient’s circumstances – for details, see the various scenarios outlined below. New pension to employee who has just retired If you start paying a new pension to an employee who has just retired from work with you, then you must send HMRC the following information within 14 days of the employee’s retirement: the employee's name, address and National Insurance number, if known their retirement date their total pay from you in the current tax year up to their retirement date the tax you've deducted from their pay for the tax year so far the amount of pension you'll be paying them each week or month any pension number used to identify the pensioner the tax code in use when the employee retired your name and address as the pension payer You can submit this information using form P46 (Pen), or using any written alternative of your own. You must also provide a copy to the pension recipient. Remember that if you have 50 or more employees, you must file form P46 (Pen) online. Which tax code to use Until you hear otherwise from HMRC you should continue to use the same tax code as you’ve been using for the individual’s employment income. You should use it on a week 1/month 1 basis. If HMRC hasn’t contacted you with a new tax code for the pension recipient by the end of the tax year on 5 April, then continue to use the same tax code in the new tax year, with the following adjustments: apply the code on a cumulative basis make any adjustments to the code that are required by the P9X coding notice HMRC sends you in preparation for the new tax year Top New pension to former employee - with form P45 If your new pension payment is to a former employee who has a P45 from their most recent employer, you must: complete and submit a form P46 (Pen) to HMRC - you can also use form P45 Part 3 for this purpose, but using P46 (Pen) is preferable until you hear otherwise from HMRC, use the tax code on the pension recipient’s form P45 on a week 1/month 1 basis when operating PAYE on your pension payments to them Remember that if you have 50 or more employees, you must file form P46 (Pen) online. If HMRC hasn’t contacted you with a new tax code for the pension recipient by the end of the tax year on 5 April, then continue to use the same tax code in the new tax year, with the following adjustments: apply the code on a cumulative rather than a week 1/month 1 basis make any adjustments to the code that are required by the P9X coding notice HMRC sends you in preparation for the new tax year New pension to former employee - no form P45 If your new pension payment is to a former employee, but they don’t have a form P45 from their most recent employer, you must: complete the 'Pension recipient' and 'About the pension/Income Drawdown/income withdrawal' sections of form P46 (Pen) and submit to HMRC – you must not give the form to the pension recipient to complete until you hear otherwise from HMRC, use the emergency tax code on a week 1/month 1 basis when operating PAYE on your payments to the pension recipient Remember that if you have 50 or more employees, you must file form P46 (Pen) online. If HMRC hasn’t contacted you with a new tax code for the pension recipient by the end of the tax year on 5 April then continue to use the same tax code in the new tax year, with the following adjustments: apply the code on a cumulative rather than a week 1/month 1 basis make any adjustments to the code that are required by the P9X coding notice HMRC sends you in preparation for the new tax year If the pension recipient gives you a form P45 after you’ve started paying their pension and after HMRC has provided you with a new tax code, then you must destroy the P45. New pension to employee who still works for you If your new pension payment is to an individual who is continuing in employment with you, then: complete and submit form P46 (Pen) to HMRC – remember you must file online if you have 50 or more employees don't merge your pension and employment payments to the individual until you hear otherwise from HMRC, continue using the same tax code as before for the individual’s employment income until you hear otherwise from HMRC, you must also use code BR on a week 1/month 1 basis for the individual’s pension payments New pension to deceased employee’s dependant If your new pension payment is to a dependant of a deceased employee, follow the steps outlined in the earlier section, 'Former employee – no form P45'. New pension to someone who was self-employed If you are paying pension income from an annuity the individual paid into whilst self-employed you must still deduct PAYE from any pension payments. Follow the steps outlined in the earlier sections depending on whether the individual has a P45 of not. There are pension recipients of for example RACs cases or other pension annuities that are PAYE income but perhaps the recipient was previously self-employed or the annuity is paid by a pension provider on behalf of an employer. The PAYE Regulations refer to PAYE pension income paid by former employer and PAYE pension income paid by other pension payer so there are no cases that are not included. Form filling and record keeping Form P11 You must update a form P11 or equivalent record for each separate pension that you pay (including multiple pensions paid separately to a single individual). For more information on completing form P11, follow the link below. If you start paying a pension when one of your employees retires, then you can continue to use the existing form P11 that you’ve been using to record their employment income – you don’t need to prepare a new one. If you’re making a pension payment to an individual whom you continue to employ, then you’ll need to keep two P11s for them – one for their employment income and one for their pension income. You must not merge your payments to them of employment and pension income. Note that it’s helpful to include the following information on form P11 in addition to any other information requested: the recipient’s date of birth their gender their National Insurance number – even if no NICs are due on the pension How to complete form P11 Form P14 At the end of the tax year, complete a form P14 for each separate pension that you’ve paid during the year (including multiple pensions paid separately to a single individual). For more information on completing form P14, follow the link below. As with form P11, if the pension started as soon as one of your employee’s retired from working with you, then you only need to complete one form P14 for them at the end of the year. But if you were paying both employment and pension income at the same time to one of your employees, then you’ll need to complete two P14s for them at the end of the year - one for their employment income and one for their pension income. Note that it’s helpful to include the following information on form P14 in addition to any other information requested: the recipient’s date of birth their gender their home address their National Insurance number – even if no NICs are due on the pension If you have no National Insurance number the date of birth and gender must be completed in all cases. How to complete forms P14 and P35 Form P35 If you have a single PAYE scheme that covers both your employees and your pension recipients, then you only need to file a single form P35 at the end of the tax year. This should include details drawn from all your P14s – relating to both employment and pension payments. If you have more than one PAYE scheme – for example, one that covers your wage or salary payments and one that covers your pension payments – then you’ll need to file a separate form P35 for each scheme at the end of the year. You must file your P35 for any scheme which has 50 or more employees. The need to file online is based on a scheme by scheme basis. Apart from a small number of exemptions all employers must file the 2009-10 Employer Annual Return (P35 and P14) online. For more information on completing form P35, follow the link below. How to complete forms P14 and P35 Form P45 If you have 50 or more employees, you must file form P45 online. You must include the pension recipient’s date of birth and gender on form P45 Part 1. It’s also helpful to include the their home address and their National Insurance number, even if no NICs are due on the pension. Form P46 (Pen) If you have 50 or more employees, you must file form P46 (Pen) online. You must include the pension recipient’s date of birth, gender and home address on the form. It’s also helpful to include their National Insurance number, even if no NICs are due on the pension. More about filing forms P45 and P46 online Record keeping – recipients’ addresses Keep a careful record of each pension recipient’s postal address, and make sure to update your records if they move home. This is to help ensure that HMRC doesn’t send individuals’ personal information to an incorrect address. As mentioned earlier, you must include the recipient’s address on form P46 (Pen), and it’s also helpful to include it on forms P14 and P45 Part 1. What to do when a pension recipient dies If a pension recipient dies, you must complete and send a form P45 to HMRC: if filing online – a requirement if you have 50 or more employees – send only P45 Part 1 if filing a paper form, send all four parts of the P45 to HMRC Making a pension payment after you’ve submitted form P45 If you need to make a pension payment to the deceased employee’s personal representative after you’ve submitted form P45 to HMRC but relating to the period before the employee’s death: don't submit a second form P45 if the late pension payment is made in the same tax year as your most recent payment to the recipient, continue using the same tax code as before if the late payment falls in the next tax year, use the tax code 'BR' If the pension passes to another individual If you will continue to pay the deceased recipient’s pension but to another individual, follow the steps outlined above in the section 'Former employee – no form P45'. If the pension is transferring to more than one individual, complete a separate form P46 (Pen) for each new beneficiary. If the pension passes to a body other than an individual If payment of the pension will no longer be to an individual but to a body such as a Personal Representative, Trustee or Body Corporate (that is a third party or non individual), then: you don’t need to send a form P46 (Pen) to HMRC you should use the tax code 'BR' When it comes to submitting a form P14 at the end of the tax year for payments other than to individuals, then you should: leave the National Insurance number field blank enter 'male' as the gender enter 'RP' as the forename enter the name of the recipient body as the surname Pension and annuity payments: special situations Our related guide 'Pension and annuity payments: special situations' sets out the steps you need to take in less common situations – such as paying more than one pension to an individual, making a 'trivial commutation' payment, or suspending pension payments if you’re unable to track down its recipient. ?©Crown Copyright Keywords: Pension, Annuities, Annuity, Pensions, Annuities Tax, Taxation Please note that the annuities and income drawdown information contained within the articles and general text on Annuities Central may not be intended for annuity consumer use, may no longer be current and should not be used by consumers to make financial decisions. It is very important that you don't use this annuity information in isolation to decide which annuity or annuity alternative to buy. Annuity comparisons and pensions information or opinions expressed are made as at the date of this publication and are subject to change without notice. Always seek the help of an annuity broker before you buy an annuity.

annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817