State Pension recipients could see their weekly payments rise to £221, following an 8.5 per cent increase announced in the Spring Budget. The new State Pension has seen a boost, with monthly payments now reaching up to £884.
Meanwhile, those on the basic State Pension are now receiving £678 over the same period. However, according to Manchester Evening News, millions of pensioners may not be aware that they can opt to receive their payments on a weekly basis.
New State Pension claimants could benefit from increasing the frequency of their payments from every four weeks to weekly, equating to £221.20 per week. A former DWP employee has revealed a straightforward method to make this change, applicable to both future retirees and those already receiving New or Basic payments.
However, it’s important to note that the payment frequency can only be altered if the payments have already been set up to be made into a bank account.
For those already receiving the new or basic State Pension, the ex-employee advised: “If you have already made a claim for State Pension and are in receipt of four-weekly payments, and you want weekly payments, then phone the DWP change of circumstances (Pension Service) telephone number on 0800 731 0469, and request weekly payments,” as reported by the Daily Record.
“Alternatively write to The Pension Service, Post Handling Site A, Wolverhampton WV98 1AF, with your name address and National Insurance number and ask to be changed to weekly payment for your State Pension.”
But the former employee cautioned that receiving payments every four weeks could complicate budgeting for household expenses as it doesn’t align with a monthly pay cycle, particularly for those accustomed to monthly salaries. “From your ‘budget point of view’ it may be easier to be paid weekly then you know exactly how much State Pension has been paid into your account each month,” they advised.
“For some members of the public who are used to being paid their wages weekly, claiming a State Pension which is paid every four weeks, can cause problems financially and make it difficult for them to budget.”
However, this ex-staff member isn’t alone in pointing out the different payment frequencies. BBC Radio 4 Money Box host and financial expert Paul Lewis previously brought attention to the weekly payment option in the Radio Times back in 2021.
He noted: “Three quarters of all pensioners are paid four weeks in arrears, but a State Pension can also be paid weekly.”
“The government hides this option when people apply, as the application form simply says ‘State Pension is usually paid every four weeks’.”
