Dumb/Pedantic Question re State Pension

DancingBadger

I've been deferring my SP. I know it escalates at 1% per five week period of deferral and that there's no part payment for any odd weeks. The end of a five week period for me is 3 May next.

Question: If the claim date and end of five week period date are the same, will the DWP deem I haven't quite reached the whole five week period; therefore would it be prudent to make the claim on 4 May?

I know I'm splitting hairs, but getting it wrong equates to a loss of £7.40 per week...and you know what they say about looking after the pennies. :cool:

bigfreddiel

Well if you're not sure, then claim on the 4th, you're not going to lose anything then as you say it's assured on the 3rd.

In fact to be absolutely certain, claim on the 10th, you still won't lose anything.

Cheers fj

Alter_ego

DancingBadger wrote: »

I've been deferring my SP. I know it escalates at 1% per five week period of deferral and that there's no part payment for any odd weeks. The end of a five week period for me is 3 May next.

Q

I know I'm splitting hairs, but getting it wrong equates to a loss of £7.40 per week...and you know what they say about looking after the pennies. :cool:

So you're saying £7.40 is 1% of your state pension?

DancingBadger

Alter_ego wrote: »

So you're saying £7.40 is 1% of your state pension?

Gah! I wish... I meant £7.40 per month.

badmemory

I believe that the actual deferment rate is 0.2% per week, it is just the dumbed down version that says 1% every 5 weeks. Unless you have only deferred for one 5 week period. Although there is no part payment for part weeks.

LXdaddy

badmemory wrote: »

I believe that the actual deferment rate is 0.2% per week, it is just the dumbed down version that says 1% every 5 weeks. Unless you have only deferred for one 5 week period. Although there is no part payment for part weeks.

Yes - the wording SHOULD be something like 0.2% per week provided you defer for 5 weeks.

I think that you can only defer for complete weeks because your payment day is determined by the last two digits of your NI number.

greenglide

I think that you can only defer for complete weeks because your payment day is determined by the last two digits of your NI number.

You can only defer for whole weeks because State Pension, under normal circumstances is only paid in whole weeks. The new rules for nSP do actually allow the pension to commence payment payment on any day and the first payment includes the "odd days" up to the first payday but this isnt, generally, available under the old rules.

It is my understanding that the way DWP actually calculate the increase for deferment is to take the number of whole 5 week periods (under the old rules) or 9 week periods (under the new rules) and to disregard any remainder.

I have been told this by "people who ought to know" but I have no absolute proof of this, you would need to establish the regulations that are in place that the DWP work to (the regulations are not the same as the legislation) and the actual way that the DWP clerks calculate the amounts.

I would do the exact 5 or 9 weeks periods "just in case" as there seems to be no down side?