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State pension paid monthly
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# 1
topo1402
Old 20-01-2012, 4:21 PM
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Default State pension paid monthly

Why are we not given the option of having the state pension paid into bank accounts monthly?

When working I was paid at the end of each month and now having recently retired I receive my other pension income at monthly intervals but the state pension is paid every 4 weeks which makes it difficult to keep control of my finances.

It would be very easy for the pension service to calculate the monthly payments which could then be credited to bank accounts on the same day each month.

I am sure that there are many pensioners who would take advantage of this option and look forward to receiving your comments.
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# 2
Rupert Bear
Old 20-01-2012, 4:36 PM
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Im sure the pensioner would like that as much as a hole in head. It would not be paid in advance but in arrears. Just think the hardship it would cause.
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# 3
McKneff
Old 20-01-2012, 4:44 PM
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I dont like being paid every four weeks to be honest. My dds go out on the same day each month so i would prefer my pension to be paid the same, it would make life easier. My private pension is paid on the 1st of every month, so I would prefer that my state pension had started off that way. DLA is paid 4 weekly also. Its a bloody nuisance to be honest.
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# 4
Eliza
Old 20-01-2012, 5:20 PM
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Completely agree!!! Having received my very first payment today - very exciting - I've had to go through my diary to mark when it is due each month, it's a real pain. If you've been used to receiving salary payments each month on the same day and your direct debits etc are timed to accord with your payday, it's difficult to organise and will need constant juggling. I suppose an alternative might be to ask for payments to be weekly.

I don't see how it's any different to being paid a salary, ie, total for the year divided by 12 and paid on the first of the month.

I did ask when I rang to set up my pension but the person I spoke to didn't seem to think the option would help anyone and that it was a strange request!

Wonder if Martin could start a campaign? There are a number of comments about this around the net.
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# 5
le loup
Old 20-01-2012, 5:46 PM
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Oh dear! How tragic. Having to be paid weekly.
Find something serious to moan about people.
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# 6
noh
Old 20-01-2012, 5:57 PM
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Quote:
Originally Posted by le loup View Post
Oh dear! How tragic. Having to be paid weekly.
Find something serious to moan about people.
State pension, when paid by bank transfer, is paid 4 weekly in arrears to new retirees.

I don't see any problem with it the bonus being you get 13 paydays in a year.
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# 7
CLAPTON
Old 20-01-2012, 6:04 PM
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paying monthly to those that want it wouldn't really be rocket science
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# 8
McKneff
Old 20-01-2012, 6:23 PM
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Quote:
Originally Posted by le loup View Post
Oh dear! How tragic. Having to be paid weekly.
Find something serious to moan about people.
Why the sarcy comments, they dont help. Go and do something useful if you can.
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# 9
McKneff
Old 20-01-2012, 6:24 PM
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Quote:
Originally Posted by noh View Post
State pension, when paid by bank transfer, is paid 4 weekly in arrears to new retirees.

I don't see any problem with it the bonus being you get 13 paydays in a year.
You dont see the problem with it, I wonder why.
The problem has been explained at least twice in the thread.
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# 10
gadgetmind
Old 20-01-2012, 7:01 PM
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Why not have the pension paid into an account that then has a standing order to your main account once per month? Stick a couple of months pension in it in advance and it should remain in credit.
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# 11
ManAtHome
Old 20-01-2012, 7:41 PM
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Can't you get the State Pension paid weekly? (would only need a few quid to make up the first month, then you should be in credit - as per gadgetmind's post).
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# 12
lilac_lady
Old 20-01-2012, 7:50 PM
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Quote:
Originally Posted by ManAtHome View Post
Can't you get the State Pension paid weekly? (would only need a few quid to make up the first month, then you should be in credit - as per gadgetmind's post).

The State Pension used to have an option for weekly paymeny but it was stopped.

I get a weekly State Pension but it was started before the rules were changed.
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# 13
lilac_lady
Old 20-01-2012, 7:51 PM
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Quote:
Originally Posted by ManAtHome View Post
Can't you get the State Pension paid weekly? (would only need a few quid to make up the first month, then you should be in credit - as per gadgetmind's post).

The State Pension used to have an option for weekly payment but it was stopped.

I get a weekly State Pension but it was started before the rules were changed.
" The greatest wealth is to live content with little."

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# 14
lilac_lady
Old 20-01-2012, 7:52 PM
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Sorry - double post when trying to edit a typo.
" The greatest wealth is to live content with little."

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# 15
xylophone
Old 20-01-2012, 8:10 PM
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Quote:
Originally Posted by lilac_lady View Post
The State Pension used to have an option for weekly payment but it was stopped.

I get a weekly State Pension but it was started before the rules were changed.
http://www.web40571.clarahost.co.uk/...ensions_II.htm
"Payment changes
From April new pensioners will lose the choice to have their state pension paid weekly in advance which has been available since 2003. Encouraged by Saga, many pensioners have switched from getting their pension paid four weeks in arrears to getting it paid weekly in advance. But from 6 April 2010 pensions will automatically be paid four weekly in arrears. Individuals will be able to choose to have the pension paid weekly or fortnightly – both in arrears – if they prefer. The new rule will not affect anyone who reached pension age before 6 April 2010 or who claimed pension credit before that date. At the moment they can still choose to have their pension paid weekly in advance – even if they currently do not. But this choice may not be available forever.

Most state pensions are paid on a Monday, though some older ones are paid on Thursday and widows are paid on Tuesday. But from April pensions will be paid on a day set by the last two digits of the individual’s National Insurance number. People whose number ends in 00 to 19 will be paid on Monday, 20-39 Tuesday, 40-59 Wednesday, 60-79 Thursday and 80 to 99 Friday. Pension entitlement will begin the day after the first pay day. And it will normally be another four weeks before people get their first payment. People who move from another benefit such as bereavement allowance or jobseeker’s allowance will be paid a part week’s pension to tide them over the days between the two."

Have the rules changed yet again? Or is it a case that if you want something other than four weekly payments , you have to make a specific request?

Last edited by xylophone; 20-01-2012 at 8:38 PM.
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# 16
ManAtHome
Old 20-01-2012, 8:57 PM
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Quote:
Originally Posted by lilac_lady View Post
The State Pension used to have an option for weekly payment but it was stopped.

I get a weekly State Pension but it was started before the rules were changed.
Cheers LL - my sister gets hers paid weekly, started a couple of years ago (remember her asking and me thinking she was bonkers for asking...).
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# 17
bigfreddiel
Old 20-01-2012, 10:24 PM
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Quote:
Originally Posted by CLAPTON View Post
paying monthly to those that want it wouldn't really be rocket science
actually i think it would be!

look at all the it/revenue/ni related problems that crop up all the time with these gds

http://www.publicservice.co.uk/featu...y.asp?id=14869
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# 18
noh
Old 21-01-2012, 12:43 PM
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Quote:
Originally Posted by McKneff View Post
You dont see the problem with it, I wonder why.
The problem has been explained at least twice in the thread.
No it hasn't been explained.
What exactly is the problem?
I don't see 4 weekly payments making it difficult to budget.
Currently I am not working not yet reached state retirement age. I have a SIPP in drawdown which is paid annually. I have monthly interest payments from savings accounts. Dividend payments at random times from shareholdings. Monthly income from a S+S ISA. Budgeting is no more difficult than if all payments were received monthly.
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# 19
tanith
Old 21-01-2012, 1:01 PM
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Like Lilac Lady I opted to have mine paid in advance weekly , in it plops every Monday, unfortunately that option no longer exists but with some planning in advance it can't be that difficult for individuals to manage their finances. Then again it doesn't hurt to ask for change .
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# 20
margaretclare
Old 21-01-2012, 1:18 PM
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Quote:
Originally Posted by tanith View Post
Like Lilac Lady I opted to have mine paid in advance weekly , in it plops every Monday, unfortunately that option no longer exists but with some planning in advance it can't be that difficult for individuals to manage their finances. Then again it doesn't hurt to ask for change .
I've tried both, would have preferred calendar-monthly as that made more sense, when you've had years and years of being paid monthly it works better that way. Tried 4-weekly but switched to weekly just because it works better for me. DH gets his 4-weekly and an annuity payment calendar-monthly. I get mine weekly and an annuity payment calendar-monthly.

We're not the only people who find it strange. My eldest GD, who works for the council, also gets paid 4-weekly.
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