State Pension Payment Dates to Change for Thousands of Pensioners in May
The Department for Work and Pensions (DWP) has announced that it will be changing two key state pension payment dates for pensioners this May, as reported by the Express. The changes are due to the upcoming bank holidays in May, which will affect the usual payment schedule for state pension recipients.
According to the Express, May has two bank holidays – the early May day bank holiday on Monday, May 5 and the late May day bank holiday, Monday, May 26. As a result, benefits from the DWP or HMRC that are normally paid on a Monday will instead be brought forward to the Friday before. A statement on GOV.UK confirms: “If your payment date is on a weekend or a bank holiday, you’ll usually be paid on the working day before.”
The Express reports that pensioners who normally receive their state pension on a Monday will instead be paid on the Friday before. Specifically, those who get their pension on Monday, May 5 will instead receive their pension payment this coming Friday (May 2). Similarly, those who get their pension on Monday, May 26 will instead receive their pension payment on Friday, May 23.
The day of the week you normally receive your pension is dictated by your National Insurance number, as stated by the Express. If your National Insurance number ends in any number from 00 to 19 (e.g. including 01, 02, up to 18 and 19) then you are paid your pension on a Monday. This means that your pension will be brought forward to the Friday instead. The DWP explains: “Benefits are usually paid straight into your bank, building society or credit union account. If your payment date is on a weekend or a bank holiday you’ll usually be paid on the working day before.”
It is worth noting that state pension payments were increased by 4.1% in April, with those on the full new state pension being paid £230.25 per week, while those on the basic old state pension are paid £176.45, according to the Express. Both of these amounts require a full National Insurance record – usually between 30 and 35 years of National Insurance contributions. However, those who are getting less than about £227 can claim Pension Credit to top up their pension earnings.
The changes to state pension payment dates are an important reminder for pensioners to check their payment schedule, as reported by the Express. As the article notes, it is essential for pensioners to be aware of these changes to ensure they can plan their finances accordingly. The DWP has confirmed that pension payments will be made on the adjusted dates, and pensioners can expect to receive their payments on the revised dates.
The Express has provided further guidance on the payment dates, confirming that pensioners can check their National Insurance number to determine their usual payment date. The publication has also advised pensioners to check their bank accounts to ensure they receive their payments on the correct date.
In conclusion, the DWP’s changes to state pension payment dates in May will affect thousands of pensioners, as reported by the Express. Pensioners who normally receive their state pension on a Monday will instead be paid on the Friday before, due to the bank holidays. It is essential for pensioners to be aware of these changes to ensure they can plan their finances accordingly.
The changes to state pension payment dates are a result of the bank holidays in May, and the DWP has confirmed that payments will be made on the adjusted dates. As the Express reports, pensioners can check their National Insurance number and bank accounts to ensure they receive their payments on the correct date. With the state pension payments increased by 4.1% in April, it is essential for pensioners to stay informed about any changes to their payment schedule.
For more information on state pension payments and the changes to payment dates, pensioners can visit the GOV.UK website or contact the DWP directly. The Express has provided comprehensive guidance on the payment dates, and pensioners can refer to the publication for further information.
Source: https://www.express.co.uk/finance/personalfinance/2047546/dwp-changes-state-pension-payment
