Weekly vs Monthly Pension Payment
When, at last, you get the State Pension Form - and you have to decide the frequency of payment option that is one of the agreeable parts to be completed - it is often tempting to elect for the monthly in order to have a larger 'lump' with which to try and take care of the regiment of monthly bills. Well, do not.
What you need to consider especially if you have dependants - is what will happen on the 'last day' that we all eventually have to arrive at. It's said that 'Death Cancels all Contracts' it also stops your pension payments - like a guillotine.
The point being, if you are (say) at week three of the month and one week until next payment payment due ..... you lose these three 'stored' weeks. Well, you're dead now and don't need it, can't spend it 'they' say. (And quietly perhaps say "Tough Luck")
NOT that you'll be in any position to worry ...... so, if you're in total agreement with the Government saving itself a nice piece of your worldly entitlement - fine, go for Monthly. BUT, once I learned of this little barb - I wrote and asked them to change mine back to Weekly. That way - I'll try and arrange for the 'grim reaper' to call the day after the bank gets the weekly input!
The fact is - this reduces the amount of Officialdom 'grab-back' that otherwise would be available to your loved ones. You're entitled to change to Weekly - at any time ... so don't feel you've missed the boat. Get writing!!
P.S., Can't assure that they won't (the Government) make changes ... who can? But for now - let's do all we can to protect what little we're entitled to!
Glen
