Christmas is just two weeks away, and while it is a period of excitement for many, it can also be a very expensive time of year.
Households are already having to deal with the cost of living crisis, making budgeting more important than ever. This means it is important to know when your money is coming in and out.
If you receive the state pension, the upcoming bank holidays mean you may get it on a different date to usual.
The day of the week you receive your state pension depends on the last two digits of your national insurance number:
- 00 to 19 – Monday
- 20 to 39 – Tuesday
- 40 to 59 – Wednesday
- 60 to 79 – Thursday
- 80 to 99 – Friday
Here’s how payment dates are changing around Christmas and New Year.
Christmas and New Year state pension dates
- Expected payment date Monday 25 December (Christmas Day bank holiday) – will be paid on Friday 22 December
- Expected payment date Tuesday 26 December (Boxing Day bank holiday) – will be paid on Friday 22 December
- Expected payment date Wednesday 27 December – will be paid on Friday 22 December
- Expected payment date Thursday 28 December – paid as normal
- Expected payment date Friday 29 December – paid as normal
- Expected payment date Monday 1 January (New Year’s Day bank holiday) – will be paid on Friday 29 December
- Expected payment date Tuesday 2 January – will be paid either on Friday 29 December or Tuesday 2 January
When will the state pension go up?
Jeremy Hunt announced that the state pension “triple lock” will remain unchanged in his Autumn Statement, meaning it will increase by 8.5 per cent from April 2024.
From April 2024, under the new full state pension, retirees will receive £221.20 per week – up from the current level of £203.85 – equivalent to £11,541.90 per year.
That’s an annual increase of around £900 on this year’s state pension, and £75 (£1.45 each week) more than would have been granted had Mr Hunt decided to change the metrics.
People on the basic state pension will see their weekly amount rise to £169.50, up from £156.20. That’s an annual increase of nearly £700, to £8,844.27 per year.
How to claim your state pension
You do not start receiving the state pension as soon as you reach retirement.
You must register to claim it using an invitation code the Government will send you within three months of you reaching state pension age.
You can also call the Pension Service on 0800 731 7898, which will send you a claim form for you to fill in and post.