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When you retire your employer should send you part 1A of your P45 and send all other parts to the Cornwall Pension Fund. However, if you have been sent parts 2 and 3 please forward these to the Cornwall Pension Fund as soon as possible, so that we can apply the correct tax code.

We will apply the tax code as stated on your P45 and forward the relevant parts to HM Revenue and Customs (HMRC). After which, HMRC may notify us of a new tax code.

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If we do not receive parts 2 and 3 of your P45 we are required to apply a basic rate tax code (currently 20% for normal rate tax payers).  When the tax office notify us of the correct code, we will refund any overpayment or collect any arrears due.

For this reason it may take a little while for your pension payments to settle into a fixed, regular amount.  If in the first couple of months your pension differs by more than £5, this will generate a payslip. 

Please see when will I receive a payslip for further information.

For income tax queries please view questions about income tax.

Our Jargon Buster may help with pensions terminology.