News for retired members
If you're already receiving your pension, this section has all the information you need to know.
See your pension online
Now you’re receiving your pension, you can get everything you need in your member website account at www.rolls-roycepensions.com.
Whether it’s downloading a payslip, checking your tax code, updating personal details or changing the bank your pension’s paid into, all of this can be done instantly online. And if you have to complete a tax return, or demonstrate proof of your pension income, everything you need is available in your account.
If you’ve not logged in for a while, we’ll ask you to confirm your personal details and update them if they’ve changed. We’ll prompt everyone to do this annually, as we don’t want to lose touch with any of you!
If you’ve registered before but have forgotten your pension number or password, just head to the login screen and follow the instructions to recover your account. And if you’ve not registered yet, take a look at our guide that shows you how to do it.
Pensioner data update campaign
We had a great response from you to our data update campaign earlier in the year. Over 6,000 of you took the time to review the data that we hold for you and update it where needed. This really helps us to run the Fund as efficiently as possible, so thank you for your help.
You can update your personal details whenever you need to in your member website account. If you don’t use our online services, please see the Help & Support section of this newsletter to find out how to contact our team. They’ll be happy to help you, but they will need to verify your identity before any changes can be made.
Information about your pension payment
Your monthly pension payment arrives on the first working day of each month, except for January’s instalment, which we get to you just before Christmas.
The instalments are ‘in advance’, so the payment you receive at the start of the month covers that month.
Although you can see everything you need online, we always post a payslip to your home address if your payment changes by more than £1. Generally, this happens when the pension we pay you increases or when HM Revenue and Customs change your tax code.
We also post a payslip to everyone at the start of April as this doubles up as your P60 end-of-year certificate. The P60 summarises the total pension we’ve paid to you in the tax year 6 April – 5 April and shows how much income tax has been deducted.
You’ll need the information on your P60 when filling in a tax return, and you might need it when applying for a loan, mortgage or State benefits. If you mislay it, you can always download a copy from your member website account from the My P60 History page.
Tax codes
HM Revenue and Customs (HMRC) tell us what tax code we should apply to your pension. A tax code lets us know how much pension you can have before we have to start deducting tax.
You can see your past and current tax codes in your member website account on the My Tax Codes page.
Lots of people don’t understand what their tax code means, so don’t worry if you’re one of them. The MoneyHelper website can help you to understand exactly what the combination of numbers and letters mean. By understanding your tax code, you can check that it’s correct and if it isn’t, take action to get it sorted.
We know that many pensioners are surprised to learn that their State Pension counts as taxable income. Although the State Pension is paid to you without being taxed, it may use up some or all of your tax-free personal allowance. When this happens, HMRC may instruct us to take the tax from your Rolls-Royce pension. They’ll do this by changing your tax code, and they should let you know that they’ve done this.
If you have any questions or concerns about your tax code, you must speak to HMRC. Visit the HMRC website to find out how you can contact them.
Pension increases
Most of our pensioners receive pension increases on 1 April each year. We publish them every March in the Updates section of the member website. You can see what your new pension will be by checking the My Pension & Increases page of your member website account shortly before your April pension payment.
2024’s pension increases are explained here.
While inflation in the UK has fallen from its October 2022 peak of 11.1% (measured by the Consumer Prices Index), it’s been three years since it was equal to (or below) the Bank of England target of 2%. And, of course, lower inflation doesn’t mean that prices have fallen – it’s just that they’re not going up as fast as they were.
This extended period of inflation has been tough for many households, so if you’re struggling, it’s worth visiting MoneyHelper’s website for help and advice on the cost of living.