State Pension: Expert outlines criteria to qualify
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The state pension is usually issued every four weeks into the account a person has specified. Pensioners will often get into an established pattern of when to expect their payments, and may even budget accordingly.
However, this could be thrown off due to an important change occurring this month.
The day a person is paid their state pension typically hinges on their National Insurance number.
It is the last two digits which offer further guidance on when someone can usually expect payment.
If the numbers are between 00 and 19, payment will be issued on a Monday.
Digits between 20 and 39 mean a Tuesday payment, while Wednesday is the payment day for people with numbers 40 to 59.
Thursday payments are for those with the numbers which fall between 60 and 79.
Finally, if a person’s number has digits between 80 and 99, then they can expect payment on a Friday.
This month, individuals who are paid on a Monday should pay particular attention.
Lloyds Bank issues warning after scammers try to empty account [WARNING]
IHT threshold would be £460k if it increased in line with inflation [LATEST]
Pensioners warned they could miss out on £300 energy support [INSIGHT]
The reason is because there is a bank holiday fast approaching in August, which could impact payment dates.
This year, the summer bank holiday falls on Monday, August 29, 2022.
It means those who are expecting their state pension on this day will see their payment disrupted.
The bank holiday impacts when the Department for Work and Pensions (DWP) operates, hence the change.
However, Britons should not worry about being out of pocket due to the bank holiday.
This is because the Government website explains: “You might be paid earlier if your normal payment day is a bank holiday.”
Those who expected payment on Monday August 29, 2022, are therefore likely to receive it on Friday, August 26, 2022 instead.
This is the last working day before the bank holiday and the DWP usually makes sure people have their payments by this time.
What is happening where you live? Find out by adding your postcode or visit InYourArea
Individuals do not have to take any action to get their state pension early.
The DWP automatically processes the earlier payment to ensure people get the money to which they are entitled without having to wait longer than usual.
Those not expecting their payment on the bank holiday also do not have to take any action. They will be paid at the same time as normal, with other dates not impacted.
The state pension is paid in arrears, it should be noted, which means Britons are paid for the last four weeks, rather than the coming four weeks.
Individuals can expect to receive their first state pension payment within five weeks of reaching state pension age.
After this point, a full payment is issued every four weeks.
Source: Read Full Article