State pension payments could stop for thousands in months – take action | Personal Finance | Finance
Many state pensioners will prefer to have their payments issued to the Post Office. In the past, the Post Office Card Account (POca) has been a popular method of receiving regular payments from the Department for Work and Pensions (DWP).
However, these days are set to come to an end due to a radical change.
Post Office Card Accounts are now closing as the DWP has confirmed they will not be making payments to them from November 30.
In recent years, these accounts have declined in popularity, and from November 30 onwards, state pensioners will no longer be able to receive their payments in this way.
Britons who are currently receiving their state pension into an account like this can expect to receive a letter informing them of the matter.
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Those who already have an existing bank, building society or credit union account will be able to move their payments “easily” according to the Post Office.
All they will need to do is fill in the form they have received with their DWP letter and use the postage paid envelope to return the form.
Some others may not have another account set-up and will need to take action.
There are a myriad of different accounts available, and there is no right answer on which one to choose.
However, the Money Advice Service may provide further guidance on what type of account is best suited to a person’s needs.
Once the new account is open, individuals will be able to switch their payments using the helpline on 0800 085 7133.
If it has been confirmed the state pension payments have been transferred to the new account, the Post Office account should be closed.
If this is not done, it will be automatically closed, and the Post Office will write to the individual to let them know.
The DWP and the Post Office have warned state pensioners that neither body will ever ask for their PIN number or any passwords associated with their account.
