Pension payments and P60s

Your Fund pension is paid, in arrears, into your bank or building society account every four weeks. Any tax owed is taken from your pension before you get it, and is based on your personal tax code. All queries about tax should be directed to your local tax office.

Updating your details

​If you change your bank or building society account, you must tell pensions administrator Railpen about your new account details at least ​a week before your pension is due. The pensions payroll is processed approximately ​a week before the payment date. 

Don’t forget to tell us about a change in your bank details to make sure you still receive your payments on time. You can update your details by logging into your myFund account (or registering for one). 

Alternatively, call the Helpine on 0800 ​012 1117 or email csu@railpen.com to tell the Fund's administrator Railpen about changes to your account details. Please quote your Pension Reference Number. You can find your Pension Reference Number when you log into your myFund account or on any correspondence you have received from Railpen about your pension.

If you can’t give enough notice, it’s advisable to keep your old bank account open to avoid any delay in your pension reaching you. 

Your P60

A P60 will be sent to you at the end of the tax year in April. It confirms your final tax code for the year and has details of: 

• your pension and/or earnings from a job
• tax paid
• National Insurance contributions paid by you and your employer (you shouldn’t be paying any if you’ve reached State Pension age), and
• your final tax code

Make sure you keep the P60 for at least two years in case you need to complete a tax return (it may help with other paperwork too).

A copy of your P60 will also be sent to your myFund account inbox so you can view it online.