State Pension Payments

Norkie

Norkie

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Jak
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Hi all,

I sent of the documents to claim my state pension, and in return I received a letter telling me how much, and it also says I will get £X' pounds on the 12th January 2022, and every 4 weeks after that.

Does that mean I'll get my pension payment 13 times per year?

Many thanks
 
Norkie said:
Does that mean I'll get my pension payment 13 times per year?
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In a word, yes every 4 weeks, rather than a calendar month
 
Do you have to apply for it? I assumed they'd just start paying you on the date?

That's how my private pension worked, they wrote to me 6 months before due date with the options and started paying bang on time.

IT's not like that with the state pension?
 
woof woof said:
Do you have to apply for it? I assumed they'd just start paying you on the date?

That's how my private pension worked, they wrote to me 6 months before due date with the options and started paying bang on time.

IT's not like that with the state pension?
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Yes you do need to apply, you get an 'invite' from the Pension Service, log on and register.
 
woof woof said:
Do you have to apply for it? I assumed they'd just start paying you on the date?

That's how my private pension worked, they wrote to me 6 months before due date with the options and started paying bang on time.

IT's not like that with the state pension?
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how would HMRC know your bank details?
 
Mr Bump said:
how would HMRC know your bank details?
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I can see that... but I thought they'd just contact you before state pension age to sort payments out and that's exactly what happened with my private pension.

The way I read the OP is that you have to "Claim" it.

I'm not due my state pension just yet and I have an older sister so I'll ask her how it worked for her.
 
I had my letter today , Telling me my first payment will be 3 weeks paid on 20th September
My second payment will be paid on 18th October then every 4 weeks after that
 
Yes you DO have to claim it as I did and part of the claim is telling them what bank account number and sort code you want it paid into
 
That's not as bad as I thought reading the OP.
 
If you do not accept the invite and claim the state pension, you won’t get it. If you want to defer the pension you need to do that also. If you defer, for every month you defer you get an extra sixpence or something :rolleyes:
 
woof woof said:
I can see that... but I thought they'd just contact you before state pension age
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Yes they send you a letter, telling you when you can claim, or the date from when you can register.
IIRC mine was a couple of months before hand.
And the rest as per Jak's comment( @Norkie )
 
Yes that’s right!

When I was working we were paid 13 times a year, if I recall in July we got paid twice! Pity it’s not around Christmas time :(
 
The only time I had that was when I worked in Germany when we got a 13th month salary payment (lunar calendar hey said).

But on the state pension, does it mean they pay you 4 weeks money monthly but an extra payment once a year, or does the payment date change every month?
 
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I understand that the payment date changes each month, 13 x 4 weekly payments.

So if you qualify for the maximum pension, £718.40 13 times a year ;)
 
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Norkie said:
I understand that the payment date changes each month, 13 x 4 weekly payments.

So if you qualify for the maximum pension, £718.40 13 times a year ;)
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My state pension is £828 every four weeks.
 
john.margetts said:
My state pension is £828 every four weeks.
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It’s completely dependent on how much you’ve contributed in NI payments over your working life, plus if your employer ever contracted you out…. a lot of big organisations did. Despite paying 42 years worth of NI I don’t get anything like the amount you do.
 
I had 41 years NI and get nearer £600 every 4 weeks, taxable!
 
In Belgium I got paid 13.92 months per year... July was paid at 1.92x & December 2x. Can't for the life of me remember why, something to do with working time directive I think.
 
lindsay56 said:
But on the state pension, does it mean they pay you 4 weeks money monthly but an extra payment once a year, or does the payment date change every month?
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As already mentioned, yep it's 13 x 4 "tax free"
and no NI to pay once you pass retirement age, if you continue to work.
 
Cobra said:
As already mentioned, yep it's 13 x 4 "tax free"
and no NI to pay once you pass retirement age, if you continue to work.
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It is actually taxable, but paid without tax deducted as if it's your only income you will be below the tax threshold.
If you have other income and both combined take you over the threshold, then the other income will be taxed more due to your state pension.
 
The UK state pension is a weekly amount but paid every 4 weeks. As such your are paid 52 weeks.....in effect 13 months. But as the months vary in length, if paid calendar monthly you would be paid for only 48 weeks because of the incorrect & anomalous 'counting' of weeks to months.

So to summarise, we don't get a monthly pension ;)
 
Bobsyeruncle said:
It is actually taxable, but paid without tax deducted as if it's your only income you will be below the tax threshold.
If you have other income and both combined take you over the threshold, then the other income will be taxed more due to your state pension.
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If someone is in receipt of a good final salary or exceptional other employment pension there could be advantages to deferring the SP.. ....to avoid getting too far above the personal allowance and paying tax on the difference.

All about careful planning!
 
Box Brownie said:
If someone is in receipt of a good final salary or exceptional other employment pension there could be advantages to deferring the SP.. ....to avoid getting too far above the personal allowance and paying tax on the difference.

All about careful planning!
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Or delay the other employment pension and keep the state pension. Also consider the impact on your partner if you should die first. It is not easy so perhaps professional advice is best, some of which is free.
 
Brentor said:
Or delay the other employment pension and keep the state pension. Also consider the impact on your partner if you should die first. It is not easy so perhaps professional advice is best, some of which is free.
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A good point...... especially to get some proper pensions advice, not everyones circumstances are the same.
 
I was going to post about a couple of pension-related issues and wondered where but here's fine.

First off at present 60 year olds can claim free prescriptions. The government are considering raising that to 66....pension age. https://healthwatchreading.co.uk/news/2021-07-22/free-nhs-prescription-age-could-go-66

It does look like the pension triple lock will go ....just for this year says The Chancellor but if it is amended, which is more likely than being abolished..eg a double-lock, it won't, I'm sure,as the Chancellor says revert to the triple lock next year. I was about to say "remember this ?" There are some 'very senior' members on here on here but.....:D Income Tax was first introduced in 1799 by Prime Minister William Pitt the Younger, as a temporary measure to cover the cost of the Napoleonic Wars.

As most will know the triple lock guarantees that every year the state pension rises by the highest figure for inflation, wage growth or 2.5pc. Wage growth average was at 8% in July .In April it was 5.6% The figures for the annual pension increase are taken from what they were the previous September and enacted in the following April so it seems that the Chancellor is concerned that by this September wages could be up by more than 8% when the figure will be taken to be paid in April next year. If that was the case then it would cost the Treasury..at 8%..an extra £3bn. The guaranteed increase applies to both the old.. ie. up to 2016 and the new state pension. So..ignoring the wages aspect that leaves inflation or 2.5% whichever is the higher. There's some concern that the inflation rate will be somewhere around 5% over the coming months and I can believe it too judging by how much everything has gone up..most noticeable for shoppers in supermarkets. My haircut is £13 now..from £11. I was shocked to see petrol at 138p.99....(that small lettering 99p top right corner of the price boards at garages.....crafty sods) because Brent oil prices (bench mark) have dramatically increased over the past year from a low of $50/barrel to $73 as economies got back to work as a result of vaccines and Covid receding but lately it's slipped to $63 as the Delta variant (worldwide) is 'on the march' and that could cause a slowdown in worldwide economies and consequently less demand but that apart, there's a suspicion that inflation potential is being underestimated or at least seen to be temporary when it does spike. The building trade is struggling to get supplies because of a lack of transport drivers so supply/demand kicks in and up go prices. If the basic materials go up so does the cost of new-build and major renovation etc..Wages are high because employers ..including manufacturers and warehouse operatives can't get recruits..worst labour shortage since the late 1990's..and as mentioned...mainly drivers who, I read, were being offered 'golden hellos' of thousands of pounds and in the Hospitality industry. Both affected by the so-called pingdemic' too. I'm sure one problem for the latter industry is because so many EU citizens that were working here in hospitality had to return to their respective countries post the Brexit deadline and also when businesses had to close down and furlough staff.A big loss were the fruit/veg pickers too. Those that could come back here now are thwarted by Covid travel/entry restrictions.

So, To be fair that spike in average wages has been a distorting factor .I did hear someone on the Radio say there was talk of using, not the average wage but the underlying wage. Be sure...they'll find a way to not pay an increase linked to that current 8%. Rishi Sunak had to persuade the PM that this needed to be done because one of their manifesto pledges was to keep the triple-lock for the whole of the now fixed term 5 year Parliament. Understandably, young people see the triple-lock in these tough times ,for them in particular, as being very unfair. They have a point.
 
Box Brownie said:
Surely your SP is paid to you every 4 weeks? AFAIK no one gets it weekly........though it has been a while since I applied for mine :thinking:
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I was asked if I wanted it weekly but declined, my work pension is paid monthly at the beginning of each moth and that means I don't have to worry about the monthly DD etc as they mostly come out then too and it more then covers them
 
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