When is my state pension paid? How to check when you can expect payment each month
STATE PENSION payments can be a form of income that a person relies on during their later years. When is the state pension paid? How to find out the next upcoming payment date.
State Pension: DWP guide reveals full rate and how to claim
In the UK, the state pension can be claimed once a person reaches state pension age. Changes to the state pension age are well underway, with the state pension age set to reach 66 in October 2020. The state pension is usually paid every four weeks, into an account of one’s choice. In the UK, the amount is paid ‘in arrears’ - meaning the payment is for the last four weeks, rather than the upcoming four weeks.
The day on which the state pension payment is made will depend on a person's National Insurance number
This payment arrangement is for both the basic state pension and the new state pension.
The day of the week that the state pension is paid depends on a person’s National Insurance number.
The final two digits of this number determine the weekday on which the payment is made.
For instance, if the last two digits are between 00 and 19, the payment day is Monday.
Those with a number ranging from 20 to 39 at the end of their National Insurance number will be paid on a Tuesday.
Anyone who has the final two digits being anywhere from 40 to 59 will get paid on a Wednesday.
If the last two digits are between 60 and 79, the payment date is Thursday.
The fifth band are digits ranging from 80 to 99, and anyone with these as the final two digits on their National Insurance number will get paid on a Friday.
Those who claim their new state pension should get their first payment within five weeks of reaching state pension age.
The rules are slightly different for those who claim the basic state pension.
For basic state pension claimants, the first payment will be made at the end of the first full week after they reach state pension age.
Those who have deferred the state pension will get the first payment at the end of the first full week in which they want to start getting the payment.
If the time between reaching state pension age and the normal payment day is less than one week, then the first payment will not include this time.
The research has shown that more than half of this group of people (51 per cent) seem set to rely solely on the state pension during their later years.
Peter Glancy, Head of Policy at Scottish Widows, said: “One in five people say they’ll never be able to retire.
“With no further step-ups in auto-enrolment contributions planned, this is a timely reminder that bold action must be taken to ensure no-one has to face the spectre of poverty in their later years.
“While the past 15 years have proved that things have been changed for the better, auto-enrolment alone won’t avert a pension crisis in the UK.
“Government and industry need to take the next step together and stop pretending the long term savings challenge can be solved in isolation.”