State pension paid monthly
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I use m/s money, an old version and I just input the pension once as a credit and then I get the option via m/s to have this credit every 4 weeks, otherwise it would be a bit of a nightmare.0
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I was rather hoping to receive my state pension weekly but it is not to be. Oh well, I suppose I should be grateful to be getting it next year, a year and a half after I reached 60.
The date I have been given as being eligle is 6th March 2013. Does that mean I will get my first amount 4 weeks after that?0 -
casey_junior wrote: »I can't see a problem either, quite the reverse, as you'll have a pension payment wit no DDs, a bonus.
And, somewhere along the line, the DDs will come just before the pensioon and bounce incurring additional non-payment fees, expensive phone calls and hassle.
Some people do not have the financial dexterity or the money you have been blessed with. Perhaps you should consider not take up such an arrogant stance.The only thing that is constant is change.0 -
whitesatin wrote: »I was rather hoping to receive my state pension weekly but it is not to be. Oh well, I suppose I should be grateful to be getting it next year, a year and a half after I reached 60.
The date I have been given as being eligle is 6th March 2013. Does that mean I will get my first amount 4 weeks after that?
It looks as though you can still opt for weekly or fortnightly in arrears? - see my post 15 above and also
http://news.bbc.co.uk/1/hi/business/8348264.stm under Pay day Change0 -
It looks as though you can still opt for weekly or fortnightly in arrears? - see my post 15 above and also
http://news.bbc.co.uk/1/hi/business/8348264.stm under Pay day Change
are you sure that a newspaper is a good source?0 -
There is also this from House of Commons Library Standard Note: https://www.parliament.uk/briefing-papers/SN00260.pdf
Last updated:
Author:
Section
SN/BT 260
8 June 2010
Djuna Thurley
Business and Transport Section
For people who reached State Pension age before 6 April 2010, state pension payments
generally began from the pension payday on or following the day they reached State Pension
age. Pension payday is normally Monday. Payments are made in advance, if paid weekly,
and in arrears if paid four-weekly or less frequently.
The rules changed for people reaching State Pension age from 6 April 2010. A payday is
now allocated according to the final two digits of the customer’s National Insurance number.
Payment is weekly, fortnightly or four-weekly in arrears. There is a new part-week payment
for people who move onto the state pension from a working age benefit and there is a gap
until the start of their first full benefit week for State Pension.
I also found this on the Saga website from a pensioner receiving weekly in arrears
Subject: Re: State Pension ...
Posted At: 03 Feb 2011 at 16:20
If you receive your state pension weekly it is paid one week in arrears;the day of the week it is paid depends on the last 2 numbers of your NI number. my last 2 numbers are 98 hence my pay day is a Friday'0 -
Could it be that State Benefits, including State Pension, are always determined as weekly amounts, and paid as such? As a matter of procedure, DWP now pay pensions 4 weekly in arrears and only into in an account. Calendar monthly payments are simple where an annual salary is concerned; simply divide by 12 and pay the same amount regardless of the number of days in the month or leap years. Rather more complicated with a weekly payment to be paid calendar monthly, e.g. establish daily rate, multiply by the number of days in the previous month (to maintain the payment in arrears principle) and pay variable amounts dependent on the number of days in the month. Whilst the day of payment would be the same every month, the amounts wouldn't be and some people might not like that. Personally, I'm happy with the predictable 4 weekly payment and arrange my finances accordingly.0
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Could it be that State Benefits, including State Pension, are always determined as weekly amounts, and paid as such? As a matter of procedure, DWP now pay pensions 4 weekly in arrears and only into in an account. Calendar monthly payments are simple where an annual salary is concerned; simply divide by 12 and pay the same amount regardless of the number of days in the month or leap years. Rather more complicated with a weekly payment to be paid calendar monthly, e.g. establish daily rate, multiply by the number of days in the previous month (to maintain the payment in arrears principle) and pay variable amounts dependent on the number of days in the month. Whilst the day of payment would be the same every month, the amounts wouldn't be and some people might not like that. Personally, I'm happy with the predictable 4 weekly payment and arrange my finances accordingly.
doubtlessly so; it may well suit you
however it's not complicated to pay 12 equally monthly sums for those that might want that option0 -
zygurat789 wrote: »And, somewhere along the line, the DDs will come just before the pensioon and bounce incurring additional non-payment fees, expensive phone calls and hassle.
Some people do not have the financial dexterity or the money you have been blessed with. Perhaps you should consider not take up such an arrogant stance.
That simply wont happen.
Because the pension payments are credited every 4 weeks there are 13 a year, somewhere along the line there will be two pension payments before the DDs (which are paid 12 times a year) come out.0
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