The state pension is usually issued every four weeks into the account a person has specified. Pensioners will often get into an established pattern of when to expect their payments, and may even budget accordingly.
However, this could be thrown off due to an important change occurring this month.
The day a person is paid their state pension typically hinges on their National Insurance number.
It is the last two digits which offer further guidance on when someone can usually expect payment.
If the numbers are between 00 and 19, payment will be issued on a Monday.
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However, Britons should not worry about being out of pocket due to the bank holiday.
This is because the Government website explains: “You might be paid earlier if your normal payment day is a bank holiday.”
Those who expected payment on Monday August 29, 2022, are therefore likely to receive it on Friday, August 26, 2022 instead.
This is the last working day before the bank holiday and the DWP usually makes sure people have their payments by this time.
Individuals do not have to take any action to get their state pension early.
The DWP automatically processes the earlier payment to ensure people get the money to which they are entitled without having to wait longer than usual.
Those not expecting their payment on the bank holiday also do not have to take any action. They will be paid at the same time as normal, with other dates not impacted.
The state pension is paid in arrears, it should be noted, which means Britons are paid for the last four weeks, rather than the coming four weeks.
Individuals can expect to receive their first state pension payment within five weeks of reaching state pension age.
After this point, a full payment is issued every four weeks.
