Message from Nationwide Building Society – Ongoing pensioner tax code issue
Posted on: 22/06/2021
We know a number of Nationwide Pension Fund pensioner members are experiencing an ongoing issue with an incorrect tax code being applied to their record with HMRC. This issue began as a result of an isolated incident when we reported April’s pay information to HMRC after moving to a new payroll system. We’re very sorry this continues to be a problem for some.
If you’ve been affected by this, you’ll have received a communication from us earlier this month either by email or letter.
We’ve shared the correct information with HMRC on several occasions now and they continue to work their way through correcting records, but unfortunately it’s taking longer than expected. Many of you who were impacted will have already had your record corrected and received a revised tax code.
HMRC advised us in May to recommend to pensioners to contact their Helpline directly and for most pensioners who did, this has resolved the situation. However, we’re also aware that a small number who’ve taken this route have been misadvised to contact Nationwide again which we know must have been extremely frustrating.
We’ve raised our concern with HMRC who were very sorry and reiterated that the best way for individuals to quickly resolve this issue is by contacting the Helpline directly and, to avoid further confusion, they’ve provided the scripting below of what to say when you call. The HMRC Helpline number is 0300 200 3300 and you’ll find your pension payroll ID in your email/letter that was sent to you on the 3rd June.
“There has been an error with the ‘Payroll Identification Source’ (PID) update for my pension at month 1 in this current tax year.
The Nationwide PAYE reference is: 470/N9705.
The source with PID (replace with your current pension payroll ID) is correct, but the other source beginning with a ‘P’ is incorrect as it no longer applies. There should only be one Nationwide PID.
Therefore, the estimated Nationwide pension income and tax codes should be updated accordingly”
Once your tax code has been corrected with HMRC, HMRC will reimburse you any overpaid tax either through your pension or as a one-off payment depending on your personal circumstances.
We sincerely apologise once again for the frustration and inconvenience this is causing.