Standard retirement pension

[Whppett]

Hello all I’m a newcomer to sight hopefully someone can explain in plain English new state pension rules.

i receive standard rate of s/p weekly last payment 5/4/24 increase of 8.5 percent from 8th of month   Why am I not receiving new rate till 19/4 on that date they will pay new rate so I appear to be 4 days short on new rate

Thanks

 

[Ethel Street]

We're not really a benefits advice site here but I'll give it a go as it's had me puzzled about my own SP!

April 19th is a Friday so is Friday your SP "Payment day of the week"  based on your NI number according to the gov.uk explanation I've posted below?

If so then the reason appears to be that your increase in SP is only due from the end of the first full week after 8th April, with 'full week' for you being the 7 days Friday to Friday. "End of" because SP is calculated  weekly in arrears even though it is paid 4-weekly in arrears. 

The national increase in SP rates comes into force on the first Monday of the new financial year, which this year, as you say, is Monday 8th April. Your first Friday payment day after 8th April is 12th April but that isn't a full week after the national increase, it's only 5 days (8th - 12th). So you don't get the increase until the next payment day, Friday 19th, as that's the end of your first full week [7 days] at the new national rate - your weeks always begin on a Friday. 

Complicated? Of course, this is the DWP we are talking about! But, assuming Friday is your "Payment day of the week" according to your NI number, your payments appear to be correct.

When is the state pension paid?

The new state pension is usually paid every four weeks into an account of your choice. 

You’re paid in arrears for the previous four weeks – which is why April's payment increases won't be paid in full until May.

Your payment day depends on your National Insurance number. If it falls on a bank holiday then you may be paid earlier. 

Last two digits of your National Insurance number	Payment day of the week
00-19	Monday
20-39	Tuesday
40-59	Wednesday
60-79	Thursday
80-99	Friday

Source: Gov.uk