State Pension: Expert outlines criteria to qualify
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Many older people will be relaxing after what might have been a stressful season of Christmas planning. The festive season can be an expensive time of year, and understanding when one is likely to have money coming in will be key.
However, there is likely to be a slight disruption to payments occurring today for certain individuals.
While the Christmas Bank Holidays have now passed, the new year is fast approaching – bringing another bank holiday.
Just like Christmas 2022, New Year’s Day 2023 will fall on a Sunday this year.
To compensate for this, Britons can expect a bank holiday to be built in on Monday, January 2, 2023.
However, for those expecting their first state pension payment of the year on this date, there will be temporary disruption.
The bank holiday closes the offices of the Department for Work and Pensions (DWP), thus having an impact.
But pensioners will not have to worry about waiting for their state pension sum.
This is because the DWP typically issues payments early to those impacted by bank holidays.
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Pensioners can look towards the last working day before a bank holiday for a clue on when they are likely to be paid.
In this instance, the last working day before the new year is Friday, December 30, 2022 – today.
As a result, those who expected payment on January 2 should be paid early.
It means they will have to wait slightly longer to receive their next payment, but should also mean they do not have to wait this time around.
The state pension is usually paid on a weekday, according to the last two digits of a National Insurance number:
- Monday – 00 to 19
- Tuesday – 20 to 39
- Wednesday – 40 to 59
- Thursday – 60 to 79
- Friday – 80 to 99.
As a result, those with a NI number ending in numbers between 00 to 19 should be aware their payment might arrive today.
Thankfully, pensioners will not have to take any action for their payment to be processed early.
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The earlier state pension payment should arrive in bank, building society or credit union accounts automatically.
January 3, 2023 will be a normal day for the UK, except in Scotland where it will be a bank holiday as a substitute for the usual January 2, 2023 bank holiday.
As a result, those in Scotland expecting payment on January 3, 2023 should also be paid on December 30, 2022.
Services should return to normal for everyone by January 4, 2023.
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