Pension Payment Date

arthurx1234

My private pension is paid on the 16th of the month, however if the 16th falls on a Saturday or Sunday I have to wait until Monday before it is paid into my account.
My pension provider refuses to pay me before the 16th.
Any ideas how i can pursuade them to pay me 1 day early on the 1 or 2 times a year my pesion falls on a weekend?
One year my pay date fell on a Good Friday and i had to wait till the following Tuesday


Arthur

AnotherJoe

Are you running your bank account that close to the wire it makes a difference?

Bimbly

I would imagine they would have to change their whole payout system to everyone to make this change.

My salary always used to be paid on the 15th, but would be delayed if 15th fell on a weekend. A couple of years ago, they decided to pay early if the 15th fell on a weekend. But it was a whole business shift.

You might be able to delay the date your paid to, say, the first of the following month, then you'd always have it in the account by the 16th of that month. If that date is of particular significance. Alternatively, move your direct debits etc to later so they come out well after the 16th and there's not an issue. Most places will let you do that.

squirrelpie

Salaries have to be paid when they are due or before, and you must be given a payslip before they are paid. I managed to get my employer to change their December payment arrangements (from the proposed after Xmas to before) when I reminded them of this.


Sadly I don't think there are the same protections in law for pensions, but I expect they have to follow their scheme rules so it might be worth reading them closely for details of what they say about payments.

Marcon

arthurx1234 wrote: »

Any ideas how i can pursuade them to pay me 1 day early on the 1 or 2 times a year my pesion falls on a weekend?

They certainly won't be open to 'persuasion' - doing what you want may have little impact if they only do it for one person, but even the minor change you hope for would have a major cost impact on them if applied across thousands of pensions.

Have you checked what the rules of the scheme/your annuity contract (depending on the type of private pension you have) and what has been said about when payment will be made?

arthurx1234

AnotherJoe wrote: »

Are you running your bank account that close to the wire it makes a difference?

Yes I am one of many people who has to choose between paying for food or heating

dunstonh

are there times you get it before the 16th? Thinking about the times when the day it leaves your pension provider falls on a weekend and they use the Friday before instead.

bluenose1

AnotherJoe, I think that is really uncalled for.
Wouldn't mind the Hilton, Edinburgh and padded coat thread was 2 years ago.
Could you change dates of DDs etc OP. Good luck.

arthurx1234

AnotherJoe wrote: »

My sympathies, I can understand its difficult choosing between food, heating, trips to Edinburgh and staying in a Hilton, (or might you have to slum it in a Travelodge), Sky or £120 padded jackets, and which car rental company to use. Decisions decisions.

Thank you for your helpful advice


arthur

Silvertabby

Arthur - how do you cope with your State pension being paid on a different date (ie, every 28 days) per month?

xylophone

Arthur - how do you cope with your State pension being paid on a different date (ie, every 28 days) per month?

He might have chosen to receive it weekly.