This month, thousands of pensioners will notice a change in their state pension payments. Due to the Christmas bank holidays, some state pension payments will be paid earlier than usual by the Department for Work and Pensions (DWP).
As Christmas Day falls on a Wednesday and Boxing Day on a Thursday this year, and the DWP does not make payments on bank holidays, those due to receive payments on these days will get them earlier.
Typically, the DWP makes the payment on the last working day before the bank holiday, which this year is Christmas Eve. Therefore, if your payment is due on Wednesday, December 25, or Thursday, December 26, it will arrive on Tuesday, December 24 instead.
The New Year bank holiday on January 1 will also affect some state pensions. If you are due to receive your pension on Wednesday, January 1, you will be paid on December 31, as this is the last working day before the New Year.
You can determine if you are affected by the bank holiday changes through the two-digit code linked to your pension payments. State pensions are paid every four weeks, and the day your payments are issued depends on your national insurance number – specifically, the last two digits, reports the Mirror.
If your state pension’s National Insurance number ends in digits between 00 and 19, it is transferred on a Monday. Numbers between 20 and 39 mean your payment will be made on a Tuesday, while figures from 40 to 59 indicate a Wednesday.
This pattern continues throughout the week, with codes 60 to 79 paid on Thursday and numbers 80 to 99 on Fridays. However, different rules apply if you live abroad.
For those whose state pension payments are scheduled for the week beginning 23 December, and their National Insurance number ends in digits between 40 and 99, they are likely to be affected by this change.
If you’re due to be paid on a different day, there’s no need to do anything – the money will be paid into your account as usual. The amount you receive will also remain the same, and it will also be paid into the same account where you normally receive your state pension payment.
It’s crucial to note that although receiving your benefits earlier may seem like a good thing, it does mean that you need to make your money last longer, even if it is just by one day.
If your money does not arrive in your account on the new payment date, you will need to contact the department that pays your benefit as soon as possible. This is because the DWP support offices will be closed over bank holidays.
You can find the relevant support numbers on the government’s official website.
