Pension payment dates.

Your pension is paid monthly in advance. The payment dates for 2022 are shown below.

2022

January

31 December 2021

February

31 January

March

28 February

April

31 March

May

29 April

June

31 May

July

30 June

August

29 July

September

31 August

October

30 September

November

31 October

December

30 November


2023

January

30 December 2022

Updating your bank account details.

You can update your UK bank details online by logging in to your pension account on the M&S Pension Scheme Portal. If you’ve not used the Portal before and need help, go to Manage my pension online

If you’re updating an overseas bank account or you’d rather provide your UK bank details in writing contact the Pensions Administration Team.

If you change your bank account, we need the new details before the 10th of the month for the change to take effect in time for the next payment.

Tax on your pension.

Your pension is taxable income, so you may have to pay tax on it depending on your personal allowance and other income you may be receiving. If you’re living overseas, you may still have to pay UK tax on your pension. You can find more information on the GOV.UK website.

You can contact the Scheme's tax office if you have any queries about the tax paid on your pension.

Write to:

HM Inspector of Taxes
Chapel Wharf Area
Trinity Bridge House
2 Dearmans Place
Salford
M3 5BF

Tel: 0300 200 3300

The reference you should use when referring to the Scheme is 951/BMP.

Payslips and P60s.

You’ll get monthly pension payslips and a P60 at the end of the tax year confirming the pension you have received and the tax you have paid.

Payslips and P60s are all provided on the Portal unless you’ve opted for paper communications. If you’ve not used the Portal before and need help, go to Manage my pension online.

Paper payslips are only sent out if your pension changes by £10.00 or more and you’ve requested to receive paper communications.

You can contact the Pensions Payroll Team if you have any queries about your payslips.

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