Gareth Shaw advises on building entitlement to state pension
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State Pension payments are understandably important for millions of people who often budget around receiving their sum. It is for this reason, then, that pensioners like to know when they are due to receive their state pension each month. Generally, the state pension is paid out every four weeks into an account of a person’s choice.
Individuals are paid in arrears – meaning for the last four weeks, rather than the coming four weeks.
But while this tends to move like clockwork, there is an impending change set to influence some state pension payments in the coming week.
This is the upcoming August bank holiday, which this year falls on Monday, August 30.
With many businesses closed, the Department for Work and Pensions (DWP) is also impacted by the bank holiday.
State pension: Britons may receive sum tomorrow – how your NI number can help you check (Image: Getty)
And as a result, payments of the state pension, as well as benefits administered by the DWP have been disrupted.
Nonetheless, the DWP is determined that no one will be out of pocket due to the bank holiday, and has taken preventative measures.
This means it is to pay out to those who expected their payment on bank holiday, except earlier.
Individuals expecting a state pension payment on Monday, August 30, can instead expect to receive it tomorrow – on Friday, August 27.
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This is because it is the last working day before the bank holiday weekend kicks in.
But how can Britons check if they will be impacted by this temporary change?
The key, it is asserted, lies in the National Insurance number of the individual concerned.
The Government website explains: “The day your pension is paid depends on your National Insurance number.”
State Pension UK: What is State Pension? (Image: EXPRESS)
Most important to note are the last two digits of this number which dictate the day a person is paid.
If the digits fall between 00 to 19, then a person can expect payment on Monday, with Tuesday reserved for those with the digits 20 to 39.
Numbers 40 to 59 are for Wednesday, 60 to 79 for Thursday, and 80 to 99 for Friday.
As a result, then, it is those with the digits 00 to 19 who are likely to need to pay the most attention, as they usually receive a Monday payment.
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Thankfully, state pensioners will not need to take any action in order to receive this earlier payment.
The DWP has confirmed this should be issued automatically to individuals who are affected.
Baroness Stedman-Scott, DWP minister, said: “The August bank holiday is this coming weekend.
“Customers due to be paid then should check to make sure they know when their payment is due, as many are being made early.”