Updated Message from Nationwide - Ongoing pensioner tax code issue
Posted on: 25/08/2021
You may recall that some pensioner members were impacted by a tax code issue resulting from an isolated incident when we reported April’s pay information to HMRC after moving to a new payroll system. If you were affected by this, you’ll have received a communication from us in June.
We know that for the majority of pensioners impacted, you’ll have already had your record corrected and received a revised tax code.
If you’re still experiencing this issue, we’re very sorry that this continues to be a problem for you. HMRC’s advice remains, that the best way for individuals to quickly resolve this issue is by contacting the HMRC Helpline directly and have 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 any inconvenience this may have caused over the last few months.