State pensioners, take heed!
It’s high time to mull over how you receive your well-deserved funds from the Department for Work and Pensions. You’re faced with a choice: weekly or monthly payouts? The decision is yours, and it warrants serious consideration.
Sandra Wrench, a former DWP expert, revealed to the Daily Record: “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.”
For those preferring the pen to the phone, Sandra suggests: “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.”, reports the Daily Star.
And for those still contemplating their claim, Mrs Wrench offers a tip: “If you are yet to claim your State Pension, put in the information box on the State Pension claim form ‘Please pay my pension weekly’.” A curious Money Saving Expert took to the MSE forum with a query: “I’m just starting to think about when I want my State Pension payments and can’t decide between getting it weekly or 4 weekly. Does anybody have any thoughts on the advantages or disadvantages of either?”
Others pondered: “Also, will I be locked in to whichever way I chose or is it a changeable decision?” Another astute pensioner responded, “I can’t answer your second question but love the ‘bonus’ payment that comes once a year with 4-weekly payments.”
Some state pension recipients voiced concerns about the payment schedule. One advised, “If you can manage your budget on 12 payments, stick with the 4 week cycle. None of our bills are paid weekly, so that would be totally wasted on us (our food shop goes on credit cards, so paid monthly).”
However, others expressed frustration with the 4-week cycle, citing its incompatibility with their online banking setup. One individual commented, “The annoying thing about the 4 weeks cycle is it changes every month so doesn’t work well with my online banking “expected payments”. I understand why they do it every 4 weeks (payment always the same) but would prefer it monthly if that ever was an option.”
One individual highlighted that the weekly payments provide a much-needed boost to their cash flow, particularly as other income sources are received quarterly or half-yearly.
They said: “Since the SP is paid in arrears, I wanted commencement to start as quickly as possible together with the cash flow benefit that flows therefrom. My other longstanding sources of early retirement income was ( and still is ) largely received on a quarterly or half yearly basis, so this weekly ‘bunce’ is welcome largesse which fills the gaps.”
They added: “Also, I annually self assess, so I find it slightly easier to calculate the reportable state pension for tax purposes, given it is in arrears. Can’t imagine circumstances where I would want to revert to 4 weekly payments ( difficult to see any benefit in that), but no doubt each to their own.”
