State pension payment may change next week – Check when you will get paid
State pension payment may change next week – Check when you will get paid
With two bank holidays coming up, some state pensioners are warned they may receive their payments earlier than expected.
The DWP clarified when people can expect their payments instead. This year, the dates for Easter are Good Friday (April 7), Easter Sunday (April 9) and Easter Monday (April 10), with the bank holidays between Monday, April 3 and Friday, April 14.
The day the state pension is paid depends on the last two digits of someone’s National Insurance number.
If someone is expecting their state pension on either Good Friday (April 7) or Easter Monday (April 10) then they will likely receive their money on the previous working day.
If their payment date is on a different date than these, there will be no change.
The Government has stated that state pension payments are usually paid straight into peoples’ nominated accounts.
state pension explained
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.
How to check what day to expect the state pension payment:
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
state pension
As the cost of living crisis continues, any extra cash could be vital for families on low incomes (Image: GETTY)
State pension
Anyone receiving the full new state pension will get an extra £19 a week from Monday, April 10, 2023, onwards, while anyone who reached state pension age before April 2016 (and receives the full basic state pension) will get an extra £14 weekly.
That takes the former to £10,600 a year or £203.85 per week for 2023/24, from £185.15 in the last financial year, and the latter to £8,100 a year or £156.20, up from £141.85.
Full new state pension: £203.85 (from £185.15)Basic old State Pension: (Category A or B): £156.20 (from £141.85)
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.
The new state pension is based on one’s National Insurance record when you reach state pension age.
People usually need to have 10 qualifying years on their National Insurance record to get any new state pension.
They may get less than the new full state pension if they were contracted out before April 6, 2016.
For more information, people can visit the Government website.
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