Millions of state pensioners are being warned of a change in the date they’ll receive their payments.
The state pension payment date may change next month due to the August bank holiday.
If a DWP benefit payment date is on a weekend or a bank holiday they’ll usually be paid on the working day before.
The next 2023 bank holiday for England, Scotland and Wales is on Monday, August 28.
Those receiving their state pension payment on this date could therefore be paid the working day before – Friday, August 25.
Millions will have a clear idea of when their state pension is paid, often planning their finances around it.
Therefore, it is important to note when payment dates change so people can plan accordingly.
The upcoming August bank holiday may impact when a person receives their state pension.
The change will affect those on both the older basic and the new state pension, depending on the day a person expects to be paid.
The day one’s state pension is paid depends on the last two digits of their National Insurance number.
How to check what day to expect the state pension payment:
Last two digits of NI number – Day pension will be paid
· 00 to 19 – Monday
· 20 to 39 – Tuesday
· 40 to 59 – Wednesday
· 60 to 79 – Thursday
· 80 to 99 – Friday
Britons start receiving state pension when they reach the state pension age – which is currently 66 in the UK.
The state pension age is the earliest age people can start receiving their state pension. It may be different to the age at which someone can get a workplace or personal pension.
The state pension age is under review and may change in the future.
There is a tool on the Government website which states:
· when someone will reach state pension age
· their Pension Credit qualifying age
· when they’ll be eligible for free bus travel
When someone has claimed their state pension, their first payment will usually be within five weeks of reaching the state pension age.
It will cover the period from when they reached state pension age.
Individuals usually get a full payment every four weeks after that.
Bank holidays usually mean state pension and benefit payments are issued early to avoid people going without for the holiday period.
However, it means they will have to wait slightly longer before they receive their next payment on their usual payment date.
Pensioners will not have to take any action in order to secure this earlier payment. This is because it should be automatically paid into a person’s bank account if they are affected.
The full new state pension is worth £203.85 and the basic old state pension: (Category A or B) is worth £156.20 this tax year.
It should be noted to receive any form of state pension, people need to have made at least 10 years’ worth of National Insurance (NI) contributions and 35 years if they hope to receive the full amount.
