State pension may be paid early today for some pensioners

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Many people will keep a close eye on when they receive their state pension. Some will even be planning their entire budget around when this sum is received.

Pensioners can expect to receive their state pension once every four weeks in most circumstances.

However, there may be some disruption due to bank holidays and weekends, which older Britons might note today.

This is a result of the impending Christmas season which sees millions of people mark the special day as well as bank holidays.

In 2022, Christmas Day falls on a Sunday, and Boxing Day on a Monday.

As a consequence, there is an extra bank holiday built into the calendar to take this into account – on Tuesday, December 27.

Many people will typically expect their payment to arrive on a Monday or Tuesday, but this will be disrupted due to the bank holidays.

However, the Department for Work and Pensions (DWP) has confirmed it does not want people to wait longer than necessary.

As a result, payments which would have gone out on Monday or Tuesday will be made today, December 24 – the last working day before the Christmas season.

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The last two digits of a person’s National Insurance number usually dictate when they can expect payment.

These are as follows:

  • Between 00 and 19 – Monday
  • Between 20 and 39 – Tuesday
  • Between 40 and 59 – Wednesday
  • Between 60 and 79 – Thursday
  • Between 80 and 99 – Friday.

People will not have to do anything to receive this earlier payment of their state pension.

In fact, for many it should have already dropped into their account, providing them with financial stability without having to wait longer.

Of course, an earlier payment means affected pensioners will have to wait slightly longer to receive the next instalment of their state pension.

But it could provide welcome support in what is already an expensive time of year. 

After a person makes a claim for the state pension, they should receive a letter about their payments.

They can have the sum paid into a bank, building society or credit union account of their choice.

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Individuals are paid in arrears, meaning the payment covers the last four weeks, rather than the coming four weeks. 

In April next year, state pensioners can expect to receive a 10.1 percent rise to their sum.

This is because the triple lock is making a return, and will be based on the September 2022 CPI inflation figure.

The full new state pension is set to rise from £185.15 to £203.85 per week, while the full basic state pension will rise from £141.85 to £156.20 per week – although not everyone qualifies for the full amount.

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