As the cost-of-living crisis continues to hit those struggling the hardest, and the Winter Fuel Payment cutis also set to cause misery, an early state pension payout will be vital for many.
The regular payment from the UK government is given to certain people once they reach the State Pension age, which is currently 66 for men and women.
The amount received is calculated by a person’s National Insurance (NI) contributions.
The State Pension’s first payment is received no later than five weeks after the date chosen, and the amount is then paid out every four weeks.
With Christmas just around the corner and many worried about how they may afford this holiday, being paid the State Pension sooner will be met with joyous rapture.
As Christmas 2024 falls on a Wednesday with Boxing Day falling on Thursday, December’s state pension payments will be different due to the bank holidays.
This payment from the Department for Work and Pensions (DWP) is not paid out on bank holidays and is usually made on the final working day prior to Christmas Eve.
This means thousands of pensioners will receive their State Pension payment earlier.
Those usually set to be paid on Wednesday, December 25, Thursday, December 26, or Friday, December 27, will be greeted with a much-needed payment on Tuesday, December 24.
Pensioners can check their usual state pension payment date by simply looking for a two-digit code.
A pensioner’s final two digits of their NI number specify which date their payments will be issued.
If the digits are between 00 and 19, their State Pension payment is on a Monday.
Meanwhile, digits between 20 and 39 mean a State Pension payment will be made on Tuesday, with digits between 40 and 59 indicating a Wednesday payment.
This pattern continues with digits 60 to 79 being paid on Thursday and numbers 80 to 99 paid on Friday.
State Pension payments scheduled for the week beginning December 23 with an NI number code ending between 40 and 99 will likely be affected by this change.
This change affects Christmas time payouts as well as the New Year bank holiday State Pension payments.
Pensioners due to be paid on Wednesday January 1 will see their payments land into their accounts on Tuesday December 31.
