Will I be taxed on my pension?
In retirement, you still have to pay Income Tax on any income over your Personal Allowance. This applies to all of your pension income, including the State Pension.
For further information on what gets taxed and how, visit the MoneyHelper website.
Will my pension increase?
How/when is my pension paid?
Your pension is paid into the bank account you've requested and is paid on the 6th of every month (next working day if the 6th falls on a weekend or bank holiday). It’s important you contact us as soon as possible if your bank details change.
Can I change the date my pension is paid?
You cannot change the date your pension is paid.
How frequently will I receive my payslip?
You’ll receive your payslip the first time you are paid and then only if your net pension changes by more than £1 in an individual month. You can view your payslips and P60s on the Gallagher Member Portal. You can access the Portal by clicking or tapping on the Gallagher Member Portal button in the top right-hand corner of the screen.
When I die, who should my family inform?
It’s not nice to think about it, but if the worst were to happen, your family should contact us to let us know about your death. They will need to provide:
- Your full name.
- Your date of birth.
- Your National Insurance number.
This is so that we can arrange for any benefits due to your dependants/beneficiaries will be paid in a timely and accurate way.
Make sure your Expression of Wishes form is up to date
Whatever your change of circumstance, it’s important to make sure your Expression of Wishes form is kept up to date and reflects your current circumstances. The Trustee uses this form to help decide who will receive any death benefits that your loved ones are entitled to in the event of your death. While the form isn’t legally binding, it plays a crucial part in the Trustee decision-making process. If your form isn’t up-to-date, this could delay the payment. You can update your Expression of Wishes by visiting the Gallagher Member Portal - you can access this by clicking or tapping on the Gallagher Member Portal button in the top right-hand corner of the screen.
