Pension payments

kempiejon

I used to get my wages a week early in December, I think the company thought they were doing us a favour. For those who might have missed it Christmas is in December... every year.
It meant a long month in January. Does weekly SP means a few pennies in extra interest bearng accounts over the year?

sammyjammy

p00hsticks said:

orchidmania said:

In a world where we pay by monthly standing order or direct debit the traditional 4 weekly pension payment is difficult to budget with. As all payments are now made by computers surely it would be possible to pay 12 equal payments on a set date each month helping to make budgeting easier and helping those without the means to cashflow when payments are on awkward weeks

It would be possible but incredibly costly for DWP to rewrite their Pensions software, which has always worked on the basis of a weekly (and now fortnightly or four-weekly) payment, to provide monthly payments. 

When you consider how easy it is these days for individuals who want a monthly payment to simply set up an additional bank account to receive the pension and then transfer a sum into their main account on a monthly basis , a rebuild would be using an extremely expensive sledgehammer to crack a nut . 

And it wouldn't work, would cost 3 x of what they planned and be delivered 10 years late!

Albermarle

kempiejon said:

I used to get my wages a week early in December, I think the company thought they were doing us a favour. For those who might have missed it Christmas is in December... every year.
It meant a long month in January. Does weekly SP means a few pennies in extra interest bearng accounts over the year?

Yes it does. Someone posted the exact calculation once but I can not remember the figure . I think it was just over a Pound a month though.

mebu60

Albermarle said:

mebu60 said:

I treat it as 12 payments with a bonus around Christmas.

The plus side is the income is always ahead of the outgoings, just don't use it elsewhere when the time gap gets larger! 

Although each year the 'extra' payment appears in a different month, so after a few years it can pay for a short Summer holiday instead !

I treat the final payment of the year as the 'extra'. It does indeed go towards a holiday. Somewhere warm at Christmas! (Lanzarote).

And the only reason I now go away at Christmas is as a direct result of a thread about difficulty of spending money after a lifetime of saving especially at a time when income is significantly reduced. It was a trigger that made me think. A bit! I still run an 11 plate car 

NickPoole

Weekly payment is brilliant - you are never more than 6 days away from £230 more quid. My day is Wed and as always today forgot and saw balance had gone up.

Pensions/wages sort out all monthly stuff the £230 is pure joy!