Frequency of state pension payments

Silvertabby

GibbsRule_No3. said:

I wonder how much it costs to pay people weekly rather than 4 weekly?

Exactly.  Money that could be better spent elsewhere.

xylophone

I wonder how much it costs to pay people weekly rather than 4 weekly?

AS much as it costs to pay fortnightly/four weekly/monthly (see above)?

https://www.gov.uk/how-to-have-your-benefits-paid

And the four people I know (all accustomed to salary/occupational pension paid monthly) who are in receipt of SP are very happy to receive their SP weekly - it can be paid to/moved to interest bearing accounts on receipt.

Qyburn

Silvertabby said:

GibbsRule_No3. said:

I wonder how much it costs to pay people weekly rather than 4 weekly?

Exactly.  Money that could be better spent elsewhere.

You could say that about the State Pension overall, money that could be spent elsewhere. I certainly won't feel the slightest guilt asking for a weekly benefit to be paid weekly.

Silvertabby

xylophone said:

I wonder how much it costs to pay people weekly rather than 4 weekly?

AS much as it costs to pay fortnightly/four weekly/monthly (see above)?

https://www.gov.uk/how-to-have-your-benefits-paid

And the four people I know (all accustomed to salary/occupational pension paid monthly) who are in receipt of SP are very happy to receive their SP weekly - it can be paid to/moved to interest bearing accounts on receipt.

To be honest, sounds like too much of a faff.

Just speculating - but am I right in saying that UC is paid calendar monthly, primarily to get people used to being paid that way when they switch to salaried work?  If so, then it may be that all State benefits will eventually switch to calendar monthly.

When I became a LGPS administrator, many moons ago, I was amazed at the number of manual workers who were still cash weekly paid.  Many expected their pensions to be paid in a similar manner - but their only option was calendar monthly into a bank account.

interesting_person

Are we losing a small amount of interest by taking the state pension every 4 weeks instead of weekly?

Dazed_and_C0nfused

interesting_person said:

Are we losing a small amount of interest by taking the state pension every 4 weeks instead of weekly?

You could be yes.

But that would pale into insignificance if you were one of the people who treat their 4 weekly State Pension payment as a monthly payment and once a year get a nice bonus of ~£885*

*taking the standard new State Pension as an example

1957DfurdPensionist

I am expecting a call anytime to finalise my nSP and wha this thread has revealed is very good information.  Thank you everyone.

Personally I have been confused by the 4 weekly pattern and payment only on a particular weekday that accords with the last two digits of your NINo.  Although I expect to start receiving something in the next week or so, and in my case I know it will be Fridays for the regular payment, I don't know which Friday!  And some might say does that really matter?  Well yes it does because it probably affects which month I am to receive two payments if I'm on 4 weeklies!  December might be good, but yesterday I'd already taken the trouble to check which months have five Fridays this coming year - December ain't one of them  :'(

I do appreciate that many of the generation above me still operate on a weekly cash household budget basis, and may not be used to calendar monthly level payments, but personally the latter would ordinarily be my preference.  My budgeting spreadsheet would look a lot less lumpy, that's for sure!

Marcon

1957DfurdPensionist said:

I am expecting a call anytime to finalise my nSP and wha this thread has revealed is very good information.  Thank you everyone.

Personally I have been confused by the 4 weekly pattern and payment only on a particular weekday that accords with the last two digits of your NINo.  Although I expect to start receiving something in the next week or so, and in my case I know it will be Fridays for the regular payment, I don't know which Friday!  And some might say does that really matter?  Well yes it does because it probably affects which month I am to receive two payments if I'm on 4 weeklies!  December might be good, but yesterday I'd already taken the trouble to check which months have five Fridays this coming year - December ain't one of them  :'(

I do appreciate that many of the generation above me still operate on a weekly cash household budget basis, and may not be used to calendar monthly level payments, but personally the latter would ordinarily be my preference.  My budgeting spreadsheet would look a lot less lumpy, that's for sure!

Easy enough to work out: every fourth Friday. Put it in your calendar - or ask for weekly payment. 

Qyburn

1957DfurdPensionist said:

Personally I have been confused by the 4 weekly pattern and payment only on a particular weekday that accords with the last two digits of your NINo.  Although I expect to start receiving something in the next week or so, and in my case I know it will be Fridays for the regular payment, I don't know which Friday!  

I presume you're referring to the first payment. If you took it weekly you'd get the first payment on the first Friday after your birthday. Depending on the week day of your birthday that might be a part week. Then full weeks every Friday.

If four weekly works the same way I'd expect the first payment on the fourth Friday after your birthday. But they might align it with some internal DWP calendar I suppose.

When you claim you'll get a letter giving dates and amounts.

westv

When it comes to my turn, I will only be interested in receiving it and will have no interest in the frequency of when it's paid.