Older state pensioners with a specific National Insurance number will get an early payment of up to £739.60 from the Department for Work and Pensions (DWP) in May.
The unexpected early payment is due to the spring bank holiday at the end of this month, which forces the DWP to issue State Pension payments on a different date than usual. This will be the second time State Pension payments are disrupted in May, as the DWP has already issued a round of early payments ahead of the early May Bank Holiday on May 4. And with a second bank holiday on Monday, May 25, more State Pension payments will be paid early before returning to normal in June.
When a State Pension payment date falls on a Bank Holiday or a weekend, the DWP will send the money into bank accounts on the earliest working day before, meaning claimants will have to stretch their cash a little longer over the following month.
The DWP said: “Benefits are usually paid straight into your bank, building society or credit union account. If your payment date is on a weekend or a bank holiday you’ll usually be paid on the working day before.”
As State Pension rates increased by 4.8% on April 6, pensioners will see this uplift reflected in their May payments. It means that older pensioners who get the basic State Pension can now get up to £184.90 per week, if they’re eligible for the full amount.
And as the State Pension is paid every four weeks, those with a full qualifying National Insurance record can get up to £739.60 every four-week payment period under the new rates.
As for those on the new State Pension, the full weekly rate is now worth £241.30, meaning pensioners can get up to £965.20 every four weeks from the DWP.
When you first claim the State Pension, you choose the date when you want to receive your payment, and this date corresponds to the two-digit code at the end of your National Insurance Number.
The last two digits of your National Insurance number specify the day of the week that payments are normally issued, as set out below:
20 to 39 – paid on Tuesday
40 to 59 – paid on Wednesday
60 to 79 – paid on Thursday
80 to 99 – paid on Friday
So if your National Insurance number ends in 00 to 19, your usual payment date falls on a Monday, which may coincide with the May spring Bank Holiday. In this case, the DWP will send your payment on the earliest working day before, which is Friday, May 22.
The DWP said: “You’ll be asked when you want to start getting your State Pension when you claim. Your first payment will be no later than 5 weeks after the date you choose. You’ll get a full payment every 4 weeks after that.
“You might get part of a payment before your first full payment. The letter confirming your State Pension payment will tell you what to expect.
“The day your pension is paid depends on your National Insurance number. You might be paid earlier if your normal payment day is a bank holiday.”
If your usual State Pension payment date is changing this month you don’t need to do anything as your money will be paid straight into your usual bank, building society or credit union account.