Some UK pensioners will see their state pension arrive in their bank accounts earlier than expected, as the Department for Work and Pensions (DWP) adjusts payment schedules ahead of the upcoming late-May bank holiday.
Because the Spring Bank Holiday falls on Monday, May 25, anyone whose regular payment date would usually be that Monday will instead receive their money early, with payments being processed on Friday, May 22, reports Express.co.uk.
Increased Pension Amounts
The full basic State Pension has now increased to £184.90 a week, meaning it can total up to £739.60 over a standard four-week payment period. This reflects the latest rise introduced following April’s annual uplift, which has boosted payments for millions of pensioners across the UK.
Those on the latest State Pension system may receive higher amounts, with the full rate currently worth up to £241.30 per week, or around £965.20 every four weeks.
How Payment Dates Are Determined
The timing of State Pension payments is linked to the last two digits of a person’s National Insurance number, which determines their usual payment day. If your National Insurance number ends in 20 to 99, your State Pension is normally paid on a Tuesday through Friday, depending on the final two digits, meaning your payment is expected to arrive as usual next week without any change.
Payments are only brought forward when the scheduled date falls on a bank holiday. Those ending in 00 to 19 are paid on a Monday, 20 to 39 on a Tuesday, 40 to 59 on a Wednesday, 60 to 79 on a Thursday, and 80 to 99 on a Friday. It is those in the Monday group who will be affected by this week’s change, as their scheduled payment day coincides with the bank holiday.
Automatic Payments
The DWP has confirmed that no action is needed from claimants, as payments will be made automatically into the usual bank, building society or credit union accounts. The DWP previously explained how the payment system works for new claimants and why dates can sometimes shift.
It said: “You’ll be asked when you want to start getting your State Pension when you claim. Your first payment will be no later than 5 weeks after the date you choose. You’ll get a full payment every 4 weeks after that. You might get part of a 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 is a bank holiday.”
