Extra state pension payment

JenniferEccles

Thank you for that information Silverbridge
It’s pretty generous isn’t it?

Certainly worth considering for a lot of people who don’t need it immediately.

It means taking a gamble that you will live 17 years after the date you retire. Half won't.

Message deleted by Gransnet for breaking our forum guidelines. Replies may also be deleted.

Thank you for that information Silverbridge
It’s pretty generous isn’t it?

Certainly worth considering for a lot of people who don’t need it immediately.

Looking at when my pension arrives in my bank account there are 13 payments each year. There may be 2 payments in a month if a month has more than 4 of whichever day you get paid. This changes each year.

Both mine and DH pension is on a Wednesday mine 1 week later than his
.

JenniferEccles Yes you can still defer.

The State Pension will increase every week you defer, as long as you defer for at least 9 weeks.

It increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.

Example:

You get £179.60 a week (the full new State Pension).

By deferring for 52 weeks, you’ll get an extra £10.42 a week (just under 5.8% of £179.60).

Deferring is worth considering if :
(i) you continue working beyond 66.
(ii) you are a Higher Rate taxpayer.

In those circumstances, 40% of your state pension will be lost to tax.

I read that deferring your state pension makes no sense financially. Worth checking.

Just another thing to suggest- if you are not relying on the State pension immediately, for every year you defer claiming, you will get extra when you do eventually claim.
Apologies if this scheme has been abandoned, but if it’s still around, and if you can manage without it initially, it’s a very good way to bump up your pension.

With the benefit of hindsight I wish I had done that, but I was excited at the thought of several hundred pounds a month dropping magically into my bank account, so I claimed as soon as I could a few years ago.

Thanks growstuff.

I'm a Monday recipient too. I received my last payment (before the bank holiday) in advance on the Friday.

Thanks for starting this thread. I have just started to receive my State Pension. It took a while for DWP to work it out but I have now received the arrears and a Monday start date for the ongoing four-weekly pension. I found this on Saga:

If you reach state pension age on a Monday you won't get your pension until the following week because the state pension begins on a 'payday' – which is always a weekday - and the day depends on the last two digits of your National Insurance number, with NI numbers ending in a 00-19 being paid on a Monday and numbers ending 80-99 on a Friday, for example.

Is that correct? Mine does end in a number between 00-19 so it fits.

If you are a Monday (or Friday) recipient what happens on bank holidays? Is it paid before or after?

It may just be coincidental but the way this is working out, by the time I reach my next birthday the payment date will fall in the same week as my birthday.

Anyone who uses a spreadsheet - I use Mac Pages but am assuming MS Excel can do the same - you can enter two or three due dates - highlight, drag and copy and the spreadsheet will calculate future payment dates.

Mine is paid weekly

I have my standing orders for bills set up four weekly - so they're paid in advance and there's a handy break before Christmas.

52 weeks=13 × 4 weeks and there are 12 months

My birthday was in July and I got my first payment in August which wasn't the full amount, then I got my full payment yesterday. Therefore, you don't get a payment at all in the month of your 66th birthday, but from then on you get it every month.

truman You are correct. Once a year you will receive two payments in a calendar month. My month is November, so I will receive two payments just in time for Christmas, which is quite handy.

I agree that it makes budgeting a little tricky. I have a chart with payments and dates I have to pay bills marked on it.

I have mine weekly.

This is a hang over from the time of weekly pensions

We’ve also just started receiving our state pensions and I understand what you are saying. At some point you will receive 2 payments in one month. You will get used to it and it’s actually very nice receiving our pension at different times.

The payments are literally every 4 weeks .

If you are awarded your first payment on a Friday for instance, you will receive the next one on a Friday 4 weeks later , and so on until the end of the year .

13 payments in total over the year.

There is no ‘extra’ payment.

I hope this helps.

Once you receive your first payment the rest will follow every 4 weeks. Therefore 13 equal payments in a year.