State Pensioners to Receive Payments Early This Week Due to May Bank Holiday
The Department for Work and Pensions (DWP) has announced that state pensioners will receive their payments earlier than usual this week, thanks to the May bank holiday. According to the Express, the bank holiday on Monday, May 5, will result in some state pensioners receiving their payments on Friday, May 2.
The DWP typically makes state pension payments every four weeks, with the specific day of the week determined by the individual’s National Insurance number. When a payment date falls on a weekend or bank holiday, the DWP normally sends payments one working day before. As the Express reports, "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."
The Express notes that pensioners can determine their usual state pension payment day by looking at the two-digit code at the end of their National Insurance number. This code corresponds to the following payment days:
- 00 to 19 – paid on Monday
- 20 to 39 – paid on Tuesday
- 40 to 59 – paid on Wednesday
- 60 to 79 – paid on Thursday
- 80 to 99 – paid on Friday
As a result, individuals with a National Insurance number ending in 00 to 19 will typically receive their payment on a Monday, which may coincide with the May bank holiday dates. In such cases, they will receive their payment earlier than usual on the preceding Friday.
The DWP has confirmed that if a state pension payment date changes this month, pensioners do not need to take any action, as their money will be paid straight into their usual bank, building society, or credit union account. The Express quotes the DWP as saying, "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."
State Pension Increase
The state pension has increased by 4.1% from April 7, in line with the annual increase in the Average Weekly Earnings index for May to July 2024. This means that pensioners will now benefit from the new payment rates. The Express reports that the state pension system is split into two schemes – basic and new – and the amount of pension payments will increase this month will depend on when the individual retired.
Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension, which has increased from £169.50 per week to £176.45 if they receive the full rate. This translates to £705.80 per month for those on the full rate. Men born on or after April 6, 1951, and women born on or after April 6, 1953, receive the new State Pension, which has increased from £221.20 per week to £230.25 if they receive the full rate. Those on this pension who receive the full rate will receive £921 per month.
The early payment of state pensions this week is a welcome relief for pensioners, who will receive their increased payments ahead of schedule. As the Express notes, the May bank holiday has resulted in a change in payment dates for those receiving certain benefits from the DWP, including the state pension.
