Some state pensioners may see a second payment of around £965 hit their bank account this Wednesday (September 30). However, they should be aware that the cash is not a bonus sum but rather an early payment due to a calendar quirk.
The Department for Work and Pensions (DWP) pays the State Pension in four-week cycles rather than a specific montly date. As this month contains five Wednesdays, claimants who were paid on September 2 are set to be paid twice. This means that retirees who claim the full rate of the New State Pension will receive a combined total of £1,930.40 as their four-weekly payment of £965.20 is doubled in September.
Meanwhile, those who claim the full basic State Pension will receive a combined total of £1,479.20 hit their account this month. Their usual £739.60 rate, paid every four weeks, is doubled.
The date of payment depends on your National Insurance number. Anyone with digits 40 to 59 will be paid again on Wednesday as the regular four-week payment arrives earlier.
However, pensioners are reminded that this means they face a longer gap before their next payment in October. The money is not a bonus amount so experts recommend setting some cash aside so they’re not left short next month.
Think Money, a UK-based banking and financial services provider, explained: “If you receive two State Pension payments in September, it is worth checking your budget before spending the money.
“It could be a good idea to keep some of the second payment aside for October bills, as well as checking when your next payment is due.
“Make sure regular direct debits and household bills are covered for both September and October and contact the Pension Service if the amount looks different from normal.”
The DWP said: “The basic State Pension is usually paid every 4 weeks into an account of your choice. If you want to change the account, tell the Pension Service. The day your pension is paid depends on your National Insurance number.
The department added: “After you’ve claimed your State Pension you’ll get a letter about your payments. The new State Pension is usually paid into your account every 4 weeks. If you want to change the account, tell the Pension Service.
“There are different rules if you live abroad. 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.”
NI numbers ending 20 to 39: Tuesday
NI numbers ending 40 to 59: Wednesday
NI numbers ending 60 to 79: Thursday
NI numbers ending 80 to 99: Friday
