The Department for Work and Pensions (DWP) is set to issue double payments to state pensioners who receive their pensions on Wednesdays, Thursdays, or Fridays in July.
Payment Dates for July
State pension payments will be made on July 1, July 2, and July 3, corresponding to Wednesday, Thursday, and Friday respectively. Since the state pension is paid every four weeks, pensioners will also receive a second payment on July 29, July 30, and July 31.
Understanding the State Pension
Pensions UK explains that the State Pension is a government payment made every four weeks. A new single-tier State Pension was introduced on April 6, 2016, for individuals reaching State Pension Age on or after that date. This replaced the previous basic and additional State Pension systems. However, those who reached State Pension Age before April 6, 2016, will have their pension calculated under the old rules.
Under the triple lock system, the State Pension increases annually by the highest of 2.5%, inflation, or earnings growth. The amount you receive depends on the number of qualifying years of National Insurance contributions, including those paid while working and credits when unable to work.
Pension Credit Eligibility
If you are over State Pension age, you may qualify for Pension Credit based on your income, not your National Insurance record.
How to Receive Payments
After applying for the new State Pension, the DWP will send a letter requesting your bank or building society account details. Your pension will be paid into this account. You should receive your first payment within five weeks of reaching State Pension age.
