State Pension - Weekly or Four Weekly

poseidon1

I have been recommending weekly to everyone I know and encouraging them to  similarly advise everyone they know.

Reason being, those who are not yet eligible had no idea weekly receipt was an option ( not exactly publicised ) and once they thought about it the cashflow benefit made a lot of sense.

In my case my weekly amount keeps my interest bearing current account topped up to the maximum £5k to earn the  top tier rate of interest. 

barnstar2077

I am a ways off, but plan on going weekly, but having it paid into a third account, which I will also pay into from ISA and pension.  Then plan on paying into my current account on the 26th of each month from that account.  Will need to maintain a small rolling buffer, but think it will be the best way to replicate what I do now. 

I have been getting paid on the 26th, and then immediately paying into my ISA and pension, and automatically transferring a lump sum into a direct debit account on the 28th since the dawn of time.  That way I know that what is left in my current account on the 29th is just my food and spending money. 

cloud_dog

I am a number of years away from collecting it, but as all our discretionary spending goes on a CC and paid off monthly, I would think it would be a bit of a pain managing the weekly deposits, so am likely to go 4 weekly.

As mentioned above, each to their own.

GunJack

Oh, and for full disclosure, I'm still 9 years 11 months away from it anyway, so they may have moved to monthly by then and the whole conversation will have been academic!! 🤣🤣🤣🤣

Qyburn

poseidon1 said:

Reason being, those who are not yet eligible had no idea weekly receipt was an option ( not exactly publicised ) and once they thought about it the cashflow benefit made a lot of sense.

Neither the invitation letters nor the online application process make any reference to payment frequency.  The online claim actually takes you right to the "Submit" stage with no mention, presumably if you proceed it's going to choose four weekly.

The four weekly is so ingrained that even after phoning to claim (weekly) I actually got a letter confirming the claim and giving dates and amounts for a four weekly payment, as well as one showing the weekly figures. 

eastcorkram

Qyburn said:

poseidon1 said:

Reason being, those who are not yet eligible had no idea weekly receipt was an option ( not exactly publicised ) and once they thought about it the cashflow benefit made a lot of sense.

Neither the invitation letters nor the online application process make any reference to payment frequency.  The online claim actually takes you right to the "Submit" stage with no mention, presumably if you proceed it's going to choose four weekly.

The four weekly is so ingrained that even after phoning to claim (weekly) I actually got a letter confirming the claim and giving dates and amounts for a four weekly payment, as well as one showing the weekly figures. 

I'll be applying this year. If the online process doesn't mention frequency, how are people choosing weekly?

Pollycat

Before I retired I was paid monthly for 30+ years.
I was only paid weekly for a couple of years of work before being promoted.
I opted for 4 weekly payment of state pension.
My occupation pension is paid monthly.
Bills come out monthly.

It works for me.

Not sure if the original post is asking for advice...

Just do what suits you.

Stubod

eastcorkram said:

I'll be applying this year. If the online process doesn't mention frequency, how are people choosing weekly?

..you have to phone them and ask....

Linton

I want and take my SP 4-weekly.  Weekly is a bit more effort for record keeping and having been used to living on a monthly salary I see no need to go to weekly.  Annuities and DB pensions pay monthly and dividends are mostly paid at the end of a month so why would you want something different for SP?

Perhaps if you are living on a hand-to-mouth basis, and have done so all your life, switching to 4-weekly could be difficult.

Ayr_Rage

Stubod said:

eastcorkram said:

I'll be applying this year. If the online process doesn't mention frequency, how are people choosing weekly?

..you have to phone them and ask....

The default is every 4 weeks and cannot be changed during the initial claim.

Once you have had the acknowledgement letter after claiming you can register for https://www.manage-state-pension.service.gov.uk/ and change your payment preference online.

You can make the change before your pension starts being paid, I did so shortly after the letter arrived late last year and my first (weekly) payment is next Tuesday.