On behalf of the Trustee, XPS pays pensions on a monthly basis. This is on or around the 12th of the month.
It covers the part of the month just past, and part in advance, and is paid into the bank account details you provided when you retired.
If you need to update your bank account, please contact the XPS payroll team by emailing: payrolladmin@xpsgroup.com
You may be asked to confirm some personal information for data protection reasons.
Any changes need to be made by the middle of the month to take effect the following month.
If you need to change any of your other details, including your home address and contact details, you can do this on XPS’s secure online member portal, MyPension.
You’ll receive monthly payslips and a P60 at the end of the tax year. These will be on XPS’s secure online member portal, MyPension.
These won’t be issued in the post unless you’ve requested to receive paper communications.
Your pension is taxable as an income. XPS uses the tax code provided to them by HMRC for you.
You can contact the tax office if you have any queries about the tax you pay on your pension. The reference you should use when referring to the Scheme can be found on your payslip. Please make sure you also have your National Insurance number to hand.
Visit HMRC for income tax queries
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
