At Last!

[zoony]

I have a pension query!

Forgive me if this is a stupid question..It's late (hic!). Anyway...My pension is allocated to be paid into my account every Saturday. A decision I had no say in...It doesn't become available to me, as I understand it, until the following Monday because the banks don't work week-ends. Now, I don't live week to week, fortunately, and I'm aware that it's probably there if I needed it but is that a correct assumption? Is it available or not until Monday? I'm ignorant as to how these things work and would appreciate some enlightenment. How much interest do a few million deposits of that size accrue over 24hrs?

[granny moss]

Mine is paid in on a Friday. I have not noticed any difficulty, so far. I do not see any reason why, if the pension has been paid in is not available for withdrawal by you. Whatever money is in your account, you should be able to withdraw. I keep a regular check on my accounts. These days things are so uncertain. I need to use online banking, because I am housebound. Hope you can resolve the dilemma. gmx

[GrannyMac]

Our state pensions are paid every four weeks rather than monthly. That means we get thirteen payments a year, rather than twelve. I don't remember have the option of weekly payments.


I can't answer your question Zoony, sorry.

[Phil]

I have a pension query!

Forgive me if this is a stupid question..It's late (hic!). Anyway...My pension is allocated to be paid into my account every Saturday. A decision I had no say in...It doesn't become available to me, as I understand it, until the following Monday because the banks don't work week-ends. Now, I don't live week to week, fortunately, and I'm aware that it's probably there if I needed it but is that a correct assumption? Is it available or not until Monday? I'm ignorant as to how these things work and would appreciate some enlightenment. How much interest do a few million deposits of that size accrue over 24hrs?

State Pensions are given a fixed allocated payment day between Monday & Friday according to the last two digits of your NI number.

Saturday & Sunday aren't allocated payment days.

[Traveller]

I find the 4 week business a bit of a pain. I wish they's pay it monthly like my other pensions.   I suppose it's a hangover from when it was paid weekly.  Is there any such thing as a 'Pension book' these days?

[Maddie Malone]

Ours get paid in every 4 weeks .

[Phil]

I find the 4 week business a bit of a pain. I wish they's pay it monthly like my other pensions.   I suppose it's a hangover from when it was paid weekly.  Is there any such thing as a 'Pension book' these days?

It's not a hangover from when it was paid weekly as it's still paid weekly.

Either 1 weekly, 4 weekly or 13 weekly (or in some rare cases 52 weekly).

All benefits, including the State Pension, are calculated on a weekly basis while your private pension isn't.

[granny moss]

I like it every 4 weeks....It keeps my book keeping tidy.... gmx

[minniemouse]

Mine has always been paid weekly, it goes in on a Monday.  I had no idea some people received theirs every four weeks.  I wonder why this is?

[Scrumpy]

I get mine weekly.. I don't care how it is paid as long as I get it..

[crabbyob]

me too, weekly

[Johned]

Our pensions are available at the Post Office on a Monday so whereas Fridays used to be the magic pay day when we working so now Monday's are our singing and dancing day!

[firenze]

A weekly pension at the P.Office is brilliant for me, it represents a cash sum and if not needed it accrues and is then banked.  No messing about drawing from savings here and there when cash is needed.

[Undercover Pensioner]

You can change to 4-weekly if it would suit you better Zoony.  I think that is now the default but at one time weekly was.  If you want to, just give the DWP a ring.  I find it works very well but it does depend how you run you banking, etc.

[Traveller]

I don't recall being offered any choice on the payment interval. Mrs. T, and some friends, said the same thing.  4 weeks seems to be the standard.  Mine is paid every 4 weeks on a Monday.  My main occupational pension is paid  on the 6th. (or next working day) and the others are paid in arrears on the last working day of the month.
I mark the dates on my year planner and check that they're paid in OK.
They all go into the same account.