BANK holiday Monday means a change in how you’re paid the state pension this week – and it means you could get your money early.
Your National Insurance number dictates what day you receive your pension money on.
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The day your state pension is paid usually depends on the last two digits of this identification number.
If those digits are between 00 and 19, the day your state pension is paid is on a Monday.
It’s Tuesday if they are between 20 and 39, and Wednesday if the digits are between 40 and 59.
60 to 79 are paid on a Thursday and numbers 80 to 99 are usually paid on Fridays.
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So this means that with a bank holiday falling after the weekend on Monday, anyone expecting to receive a payment then, won’t see any money on the day.
But to save anyone from going cashless over the holiday, the government are simply bringing the payment day forward a few days.
Payments cannot be processed on May 3 because the banks are closed for the holiday.
As a result, the DWP has said pensioners can expect to instead be paid today, Friday, April 30.
The reason for today’s payment is because it is the last working day before the three-day bank holiday weekend.
If your National Insurance number ends in digits between 00 to 19 then you are likely to be affected by this change.
Regardless of the changes in date you won’t have to take any action in order to receive the early payment.
This is because it is something that the DWP will action automatically.
Payments should be placed straight into your bank, building society or credit union account and you won’t have to worry about changing any details to make sure you get what you’re owed.
And if your payment date falls on a normal day that’s not a bank holiday, then you’ll get your payment as normal.
What other bank holidays could affect my state pension payments?
There are a number of bank holidays throughout the year, with May Day bank holiday the next one we’ll see after Easter.
Here is the full list of upcoming holidays for the rest of the year:
- May 31
- July 12 (Northern Ireland only)
- August 2 (Scotland only)
- August 30
- December 27
- December 28
- January 3, 2021
- January 4, 2021 (Scotland only)
In most of these cases, the DWP says if your payment is due on a bank holiday you’ll be paid on the working day before.
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