State Pension

miggle

I became pesionable on 7 July 2012 and opted for payment every 4 weeks into a current account. I received one weekly payment for 7th-13th July with the next payment due today, 10th August. No payment has been paid into my account and, on ringing the pensions office, I am told it takes another 5 working days to reach my account. Is this correct?

dunstonh

I am told it takes another 5 working days to reach my account. Is this correct?

It can take up to 5 days depending on your bank or building society. If you have an old style building society account (typically one with a roll number) then these can take 1 or 2 days longer than the conventional 3 days.

anmarj

a standard payment through the system will take 5 working days to reach your account, but they could of put it through another system which means you would of got it within 3 working days as it was late.

xylophone

Someone of my acquaintance is paid weekly - for a number of years into an invest direct account with Nationwide and then into an e-account with the Yorkshire - the pension always arrives on Monday except when there is a Bank Holiday when it is paid early on the last working day of the previous week.

McKneff

Ive no idea when mine gets done by the pension people, but it does go in every fourth Friday, so i just go by that.

On what day of the week did you get your first payment.

2010

Benefit payment changes that start from April 2010
The changes also affect the payment of State Pensions. If you reach State Pension age on or after 6 April 2010 you'll be paid in arrears on a day linked to your NI number. This means you will be paid at the end of your pay week, not from the start. Your payday is the day you normally receive your payment (sometimes called your ‘pay week-ending day’).
National Insurance number
Your National Insurance number (NINO) is the number you get when you first start work or claim a benefit. It is normally shown on the letters The Pension Service sends you.
The Pension Service uses the last two numbers of your NINO to work out your new pay week-ending day. This is shown in the following table.
Last two numbers of National Insurance number Pay week-ending day
00 to 19 Monday
20 to 39 Tuesday
40 to 59 Wednesday
60 to 79 Thursday
80 to 99 Friday

For example, if your National Insurance number is QQ 12 34 56 A, your pay week-ending day will be Wednesday.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_069498

McKneff

That makes things a lot clearer.

my NI ends in 87 so pay is in my bank on a friday, as stated.

originator

I became pensionable on almost the same date 6/7/12 but asked to be paid weekly.Got my first payment on Thursday the 12th(a week in arrears) and it's gone sweet as a nut ever since!The only thing ticking me off is the flamin tax I've had to pay with 2 part time jobs taken into account:mad:

whitesatin

Is it easy enough to opt to be paid weekly? I will be eligible on 6th March next year.

jem16

originator wrote: »

The only thing ticking me off is the flamin tax I've had to pay with 2 part time jobs taken into account:mad:

Did you need the income from the state pension? If not deferring it till you stopped working would have been a good alternative.

bigadaj

originator wrote: »

I became pensionable on almost the same date 6/7/12 but asked to be paid weekly.Got my first payment on Thursday the 12th(a week in arrears) and it's gone sweet as a nut ever since!The only thing ticking me off is the flamin tax I've had to pay with 2 part time jobs taken into account:mad:

Yes but you are only paying around 60% tax, assuming you're a basic rate taxpayer as you aren't paying ni. In theory the ni pays for your pension, health etc but in practice it is a basic tax that just goes into a big pot, so you are better off than many younger people in that respect.