Retirement expert advises people to learn about state pensions
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State pension payments help older people with support on a regular basis after they pay in National Insurance. Understanding when and how much a person is paid will be vital to many receiving the sum.
The Easter Bank Holiday could impact when a person receives their state pension, it is important to note.
The change is likely to affect people on both the basic and the new state pension, depending on when they expect to be paid.
The state pension is usually paid every four weeks into the account of a person’s choice.
However, the date a person is paid their pension usually depends on their National Insurance number.
The key aspect to look at is the last two digits of a person’s National Insurance number.
If a person has digits between 00 and 19, their payment date is typically a Monday.
From 20 to 39 is a Tuesday, with a Wednesday for those with digits 40 to 59.
Thursday payments are issued to people with digits between 60 and 79, and Friday payments to digits 80 to 99.
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The Government has confirmed people could be paid earlier if their normal payment date is a bank holiday.
Therefore, those who need to pay particular attention are people who have the digits 80 to 99 or 00 to 19.
This is because payments on Good Friday and Easter Monday are likely to be disrupted.
The last working day before the bank holiday weekend is Thursday, April 14, 2022.
It is likely those expecting payment on Friday 15 or the Monday 18 will instead get their payment on this date.
The DWP is keen to ensure people do not go without the money they are entitled to, and could therefore pay early.
Fortunately, state pensioners will not have to take any action to get this early payment.
This is because it should be automatically processed into a person’s bank account.
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To first get the state pension, people will have to claim it.
Individuals should get a letter no later than two months before reaching state pension age which will inform them of the action they need to take.
The Government website adds: “If you have not received an invitation letter, but you are within four months of reaching your state pension age you can still make a claim.”
The quickest way to claim a state pension is to apply online through the Government’s website.
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