The Department for Work and Pensions (DWP) is preparing to make an early state pension payment of up to £965 to certain pensioners within the next three weeks. This adjustment comes as a result of the late May Bank Holiday affecting the usual payment schedule.
Typically, the full new state pension amounts to £965 per month, paid every four weeks. However, this month features five Mondays—and pensioners with National Insurance numbers ending between 00 and 19, who are normally paid on Mondays, will receive their May pension payment early.
Instead of the scheduled payment date of Monday, May 25, these pensioners will receive their state pension on the working day before the Bank Holiday, which falls on Monday, May 29. Therefore, payments will be brought forward to Wednesday, May 22.
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State pension amounts depend on an individual’s National Insurance record, so retirees are encouraged to check their State Pension forecast to understand how much they are entitled to upon reaching pension age. The current full new state pension pays £241.30 per week, typically disbursed every four weeks after the first payment.
Once claimed, pensioners will receive a letter detailing their payment schedule. If they wish to change bank details or the account receiving the pension, they should notify the Pension Service promptly.
For those living abroad, different payment procedures apply, including choosing when to begin receiving the pension. The first payment will arrive no later than five weeks after the selected start date, with regular payments following every four weeks.
Pensioners should also note that if their usual payment day lands on a Bank Holiday, their payments may be made earlier, as is the case this May.