UNDERSTANDING YOUR PAYSLIP
Payroll procedures are computerised and therefore very reliable. Your pension payment is automatically transferred by computer into your bank or building society account on the 10th of every month, except where the 10th occurs at a weekend, when the payment is made on the Friday before.
You do not receive a payslip every month but receive at least 3 per year, and whenever your net pay i.e. the amount paid into your account, varies by at least 25 pence.
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Pension Pay Advice |
| Your Payslip Explained | |
| 1 | Tax code shown should normally be the same as that sent to you by the tax office |
| 2 | The period is the tax month in which the tax is paid |
| 3 | Pay Date |
| 4 | National Insurance Number |
| 5 | Pay this year is the amount of pension paid to date since April and any earnings from your previous employer since April |
| 6 | Tax this year is the amount of tax paid to date since April |
| 7 | This is a computer code to denote the method of payment |
| 8 | Your Name and Current Address |
| 9 | Any important messages are shown here |
| 10 | Pension payment equal to 1/12 of the annual pension |
| 11 | Deductions are shown here. Tax is deducted automatically if due. National Insurance contributions are not deductible from an occupational pension. Other deductions are optional for example. |
| 12 | Rent can be deducted and transferred automatically if you rent from a Local Authority (except Knowsley MBC) Mortgage repayments can be deducted and transferred automatically but only if you have a Local Authority mortgage. |
| 13 | Council Tax can be deducted provided you supply details of the account (except Knowsley MBC) |
| 14 | This is your net pay, which is the amount paid into your bank account this month. |
