Partnership Annuities Frequently Asked Questions
If you are an existing policy holder looking for general information around policy alterations, tax (year end) and payments, you will be able to find most of the answers here. If not please contact us.
Changes in Circumstances: How do I notify Partnership of a change in circumstances?
If you need to make any changes to the personal details that we hold on your policy, such as address, bank details or name, you can contact us in writing at:
Partnership, Mowden Hall, Staindrop Road, Darlington, DL3 9AX or by phone on 0845 108 8040.
For your security we will go through a number of security checks to protect your details. Please include the details you wish to change along with the new details. Please also quote your policy number in all correspondence or have it to hand if you phone us.
The only thing we can’t change over the phone is your name as we would require sight of the official documentation to support it before updating your policy details.
How can I nominate a beneficiary on my policy?
Should you wish to add or change your nominated beneficiary we must receive the request in writing giving the nominee’s full name and address details. The letter must be signed and dated by you as the principal annuitant.
How are continuing benefits to be claimed in the event of my death?
We would need to be notified as soon as possible of your death. This will ensure that we don’t make any overpayments that we might need to recover from your estate and to ensure the continuing benefits are correctly dealt with. A form will then be issued to the beneficiary of your policy in order to claim the benefit.
Payments made to you: Will I receive a payslip for my payments?
If you are due an immediate arrears payment, which will be paid within 7-10 days this will not generate a payslip. A payslip will be generated on payment of your first full instalment and if your gross annuity payment differs by more than £1 thereafter.
Can I change the date my payments are made?
If you wish to change your payment date we must receive the request in writing. The letter must be signed and dated by you as the principal policyholder. Please note that the payment date may only be changed by 7 days from the current payable date.
Taxation: What are the tax implications on my policy?
At the start of your Partnership policy we must allocate a tax code of Basic Rate (BR). This will deduct 20% from the total gross value of your payments. Partnership will tell HMRC automatically that payments on your policy have begun by sending your P46 details. Partnership then has to await further instruction from HMRC about your personal tax situation.
If you have a P45 document dated after 6th April for the current tax year, please forward this to us as we may be able to amend your tax code based on these details. We will not be able to change your tax code using any other documentation.
You may receive a tax form from HMRC asking for details of your policy. All the answers you need are included in your policy documents. Should you be asked for Partnership’s Pay as You Earn reference number please quote 951/KZ41815.
Who should I contact with any tax related queries?
If you have any tax queries you will need to contact HMRC. Partnership can only confirm the tax code that has been given to us by HMRC and we are not authorised to make any changes without their prior instruction.
Their contact details are;
HM Revenue & Customs Telephone: 0845 3000 627
Salford Office
Chapel Wharf
Trinity Bridge House
Salford
M3 5DS
Tax Codes
I have received a letter from HMRC confirming that they have changed my tax code for the tax year 2012/13. Have you received this code?
HMRC automatically issues us with all tax code changes relating to your policy payments from Partnership. These codes are loaded directly into our system and are used to calculate the tax due from the payments we make to you.
P60: When will I get my P60?
All P60s will be despatched on or before the 31st May 2012.
What information will it show?
The certificate will show the sum of your annuity payments made during the period 6th April 2011 to 5th April 2012, along with the amount of tax that has been deducted from those payments.
Why is the document called a P60 substitute?
The HMRC has a specific format for P60s. Our format is approved by them, but is not specifically the same.