The Department for Work and Pensions (DWP) is making another change to the state pension, with unexpected £965 payments set to land in state pensioner bank accounts within three weeks. Due to the late May Bank Holiday, the DWP is bringing forward monthly payments for certain pensioners.
Why Are Payments Being Brought Forward?
The full state pension is worth £965 per month. Those with National Insurance numbers ending in 00 to 19, who are typically paid on Mondays, will receive their payment early because there are five Mondays in May. Instead of being paid on Monday, May 25, they will be paid on the working day before the Bank Holiday, which is May 22.
How Your State Pension Is Calculated
Your State Pension amount depends on your National Insurance record. Retirees can check their State Pension forecast to find out how much they could get when they reach State Pension age. The full rate of the new State Pension is £241.30 per week.
After you have claimed your State Pension, you will receive a letter about your payments. The new State Pension is usually paid into your account every four weeks. If you want to change the account, you must inform the Pension Service.
Important Details for Pensioners
Your first payment will be made no later than five weeks after the date you choose. You will then receive a full payment every four weeks after that. You might receive a partial payment before your first full payment. The letter confirming your State Pension payment will tell you what to expect.
The day your pension is paid depends on your National Insurance number. You might be paid earlier if your normal payment day falls on a bank holiday. Different rules apply if you live abroad.
For further information, retirees can check their State Pension forecast online or contact the Pension Service.
