Changing State Pension payment frequency could help manage household bills.
People on the New State Pension receive up to £221.20 each week during the current financial year, however, many older people may not be aware that by default payments are made every four weeks, some £884.80 every pay period. Similarly, someone on the Basic State Pension receives up to £169.50 per week, equivalent to £678 every four-week pay period.
The main thing to be aware of is that the frequency can only be changed if the payments have already been set up to be made into a bank account. Top Money Stories Today People about to claim the New State Pension The former DWP worker explained: “If you are yet to claim your State Pension, put in the information box on the State Pension claim form ‘Please pay my pension weekly’.”
“For some members of the public who are used to being paid their wages weekly, claiming a State Pension which is paid every four weeks, can cause problems financially and make it difficult for them to budget.” Latest State Pension News Your first State Pension payment Your first payment will be within five weeks of reaching State Pension age and you will get a full payment every four weeks after that. You might get part of a payment before your first full payment. The letter will tell you what to expect.
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