Better by the week
Get your pension paid weekly and feel the triple-lock benefit quicker, says Paul Lewis.
The state pension rises in April – but some pensioners will not get the new amount in full until 30 May unless they act now. Here’s how to get your triple-lock rise triple-quick!
More than two-thirds of the 12 million people who get a state pension are paid every four weeks in arrears. But which day of the week they are paid, and in which cycle of four weeks, depends on the last two digits of their National Insurance number and the letter that follows them.
The state pension rises by 4.1% with the triple lock in the week of 7 April. But the Department for Work and Pensions has confirmed to me that some pensioners who are paid on a Friday will not receive a full four weeks at the new rate until Friday 30 May, and none will get it before Monday 5 May.
Calculate how much more income you could get instantly by using our online annuity calculator.
Calculate how much you could unlock
That will make many pensioners feel they are being short-changed. Early in April they will hear that pensions are going up but that theirs will not be paid fully at the new rate for some weeks. It also means there is no extra money in April – just when many prices are rising.
However, the DWP has also confirmed that every pensioner who’s paid every four weeks has the right to change to a weekly payment – it’s still in arrears, but you do get it several weeks earlier.
Of course, paying the pension four-weekly in arrears saves the government money, which may be why the application form makes no mention of the right to receive it every week! But you can handwrite a note in the “Other information” box to request it.
If your pension is paid every four weeks you can change to a weekly cycle by calling the Pension Service on 0800 731 0469. Have your pension details or NI number to hand. Ignore the messages that encourage you to hang up; it may take a few minutes to get the phone ringing through to a human, and longer still for someone to answer, but tell them you want your pension paid weekly in future. It should happen quickly, but check it is for the right amount.
Alternatively, write to The Pension Service, Post Handling Site A, Wolverhampton WV98 1AF.