State pension award

Eldi_Dos

ali_bear said:

Being paid every four weeks is just so clunky. And does anyone live on a weekly hand-to-mouth basis anymore? Perhaps this is what being a pensioner is all about. Hmm lots to look forward to. 

Are they worried that, if they switched to monthly payments, the OAP's would think February is a special month and blow all the money at bingo?

It is a bit quirky at first but if you budget accordingly and treat the thirteenth payment as a bonus it is quite nice, especially if it lands in February which is the first of our two Council Tax free months.

p00hsticks

ali_bear said:

Being paid every four weeks is just so clunky. And does anyone live on a weekly hand-to-mouth basis anymore? Perhaps this is what being a pensioner is all about. Hmm lots to look forward to. 

Are they worried that, if they switched to monthly payments, the OAP's would think February is a special month and blow all the money at bingo?

No they're not. They're just aware of how much money it would cost to introduce monthly payments into an existing system which does and always has worked in weekly increments, when it's a 'problem' that is easily got around by the vast majority of people that would consider it as such. (e.g. Set up a separate bank account to receive your state pension and then initiate a monthly transfer across to your main account). 

Providing a monthly payment option for state pensions will be way way down DWP's priority list of things to spend their IT budget on. 

Silvertabby

In my early LGPS days I was amazed at the number of manual workers who were still paid weekly.  But the pension scheme had already switched to monthly bank payments.  Had  several difficult  conversations with soon-to-be pensioners who couldn't understand why their pensions wouldn't be paid weekly as well. 

Qyburn

ali_bear said:

Being paid every four weeks is just so clunky. And does anyone live on a weekly hand-to-mouth basis anymore? Perhaps this is what being a pensioner is all about. Hmm lots to look forward to. 

The two of us get our SP on different weekdays, such that we never both have a five week month. Weekly therefore give us a monthly income of either 8 or 9 payments. Much more consistent than four weekly.

Ali bear asked "does anyone live on a weekly hand-to-mouth basis" but I think it's more apt to ask how many people have outgoings on a four week schedule. We don't have any, all our recurring costs are monthly.

Shadyocuk

If the option to be paid weekly in arrears rather than 4 weekly in arrears still exists when I reach SPA,  I will choose weekly as I can't think of any logical reason not to. Both of my DB's will pay quarterly in advance, so I wont have any monthly income anyway.

Topsinger

I started to receive my state pension in June and applied to be paid weekly, not because I need it (I have a monthly occupational pension) but because there’s no reason not to. 

NickPoole

I never got the invitation letter so after it was a week late I rang them and did it all over phone including weekly payment. 

All worked perfectly except I never ever did the receive the initial letter which is pretty bad as it is probably the one thing that triggers it all if you don't know the drill.

JoeCrystal

NickPoole said:

I never got the invitation letter so after it was a week late I rang them and did it all over phone including weekly payment. 

All worked perfectly except I never ever did the receive the initial letter which is pretty bad as it is probably the one thing that triggers it all if you don't know the drill.

Considering on how unreliable the posts via the Royal Mail are these days. I once got a bank statement from Haliax 1st Class five weeks late! (Or often, a few weeks bundled together and then delivered at the same time)  It is dire enough that I am seriously considering turning on paperless options on them!

Eldi_Dos

Shadyocuk said:

If the option to be paid weekly in arrears rather than 4 weekly in arrears still exists when I reach SPA,  I will choose weekly as I can't think of any logical reason not to. Both of my DB's will pay quarterly in advance, so I wont have any monthly income anyway.

One benefit of being paid 4 weekly is that you only have to check payment has gone into your account 13 rather than 52 times a year thus giving you more time to enjoy the fruits of your labour and a busy carefree retirement.

NickPoole

Eldi_Dos said:

Shadyocuk said:

If the option to be paid weekly in arrears rather than 4 weekly in arrears still exists when I reach SPA,  I will choose weekly as I can't think of any logical reason not to. Both of my DB's will pay quarterly in advance, so I wont have any monthly income anyway.

One benefit of being paid 4 weekly is that you only have to check payment has gone into your account 13 rather than 52 times a year thus giving you more time to enjoy the fruits of your labour and a busy carefree retirement.

On the other hand, with weekly payment you are never more than 6 days away from a chunk of ready money in your account