state pension payment cycle

[Deleted User]

I am entitled to a state pension from 21st january and have opted to be paid 4 wekly. I can`t see anything in my bank account yet and it is over 4 weeks now. It does say that `the first payment may be more or less than four weeks. This is to bring you onto a regular payment cycle`

Can anyone explain this a bit more please

chesky369

the pension service moves in mysterious ways - I'd telephone them if I were you, just to check they haven't lost your file. I opted to get paid weekly, since that way you get paid in advance; if you opt for monthly, you get paid in arrears. I want my money as quickly as possible, thank you very much.

sorted_2

I want my money too, thank you very much. I opted for weekly in October last year. 2 weeks later it still had'nt gone in, I rang them and was told it was an oversight, would be sorted that day. 2 days later it was in my account. Ring them.

[Deleted User]

I got a statement today, saying that it would be in by 22nd this month. Why on earth they could not have stated an exact date on the original statement I don`t know. That is 5 weeks in arrears. Who gets the interest? Yes I agree with you Margaret, 4 weekly is so being in the dark ages

chesky369

"If you get paid weekly, how can you budget"
It goes directly into a savings account (gaining interest nicely) then once a month I sweep over a fixed amount into my current account for my expenditures - I'd rather have the money in my own control earlier. This way, it's already in the savings system by default.

Biggles

I opted for payment weekly; that way you get it at the beginning of the week it relates to, and can enjoy the full interest.

If you opt for four-weekly, you get it at the beginning of the fourth week and, as pointed out, it isn't us that gets the interest then!

iris

My husband and I also elected for our State Pensions to be paid weekly. At the moment my husband is receiving AA which is also paid weekly. Far better in our account earning interest:T

EdInvestor

I'm on weekly payments too.

They are much better, especially for people who have little margin for error , as they reduce the likelihood of going overdrawn near the end of the month and incurring penalty charges.

Farway

I have also opted for weekly, starts April

There is also the macabre bonus of it will already be in your bank when you pop your clogs, with monthly you could pop off and payment stops on death

sorted_2

LOL Farway, there is that too, but I look upon it as having money there, direct debits go out at different times over the month so I don't have to worry. I also have a private pension that goes in once a month, so as least my account looks healthy most of the time. ( I say looks healthy) lol it is a very active account so the weekly is best for me. If there is anything left at the end of the month I transfer it to my savings account,

Dunwunderin

Hi,
Changed from 4 weekly to weekly for my wife and myself directly into our BS accounts Much better!
Get paid instead of 4 weeks in arrears and earning interest in our accounts.
Also when youin advance change to weekly you get a "bonus of 3 weeks money" to bring you onto the weekly cycle again. A one-off payment of course but it makes you feel rich for a while!
Get your money as soon as it becomes available --its yours not the Governments!
The Government is rich enough if it can support the failed Northern Rock!