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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5143
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am due to be made redundant at age 65 from my full time employment.

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I am due to be made redundant at age 65 from my full time employment. I will also be claiming a tax free lump sum from my firms pension together with a monthly income. I deferred my state pension with the intention of getting a lump sum and monthly income. During this tax year will I be able to claim any of the tax I have paid back as I will not be seeking other employment? It is my understanding that my annual income from the 2 pensions will be above the £10600 limit albeit only a matter of a few hundred pounds. Obviously my tax code will change once I become a fully paid up pensioner so will then automatically give me a rebate?
Hope this is not too garbled for you to be able to assist me with this query

Hello and welcome to the site. Thank you for your question.

You are correct in that your tax code would change to reflect receipt of state pension.

Your pension provider would get a new tax code for you and hopefully your rebate will come through PAYE system automatically. The amount of repayment depends on your earnings to date and tax paid on those earnings

In the event you don't get a new tax code or get one that appears to be incorrect, my advice to you is to contact your tax office at that point. They will be able to amend your tax code to reflect change in your financial circumstances.

More information on how to contact HMRC helpline can be found here

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you