MILLIONS of people of state pension age will get their early payments this week.
The maximum someone can get state pension payments per week is £204, or £18.70 a week.
It will be paid into your bank account on a set date, but over Bank Holidays the dates usually change.
State pension payments are usually made every four weeks.
What day will I be paid my state pension over the Bank Holiday?
If you are due to get your state pension on Monday May 29, you'll instead get it on Friday May 26.
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That's because next Monday is a Bank Holiday.
The amount will not change.
If a payment date lands on the weekend it's usually made the first working day before then.
If over the week your payment date lands on a non-Bank Holiday day, then it'll be paid as normal.
You don't need to do anything if your usual date for getting state pension payments falls on a bank holiday.
For many it might be nice to get your payments early but it does mean you'll have to make it last longer in June.
So do make sure you're planning ahead so you aren't struggling at the end of next month.
How much is the state pension and who is eligible?
You’re eligible for the basic State Pension if you were born before:
- 6 April 1951 if you’re a man
- 6 April 1953 if you’re a woman
You usually need a total of 30 qualifying years of National Insurance contributions or credits to get the full basic State Pension.
It was introduced by the coalition government in 2010 and sees pension payments increase in line with whichever of the following is highest:
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- Earnings – the average percentage growth in wages in Great Britain
- Prices – the rising cost of living in the UK, as measured by the Consumer Prices Index (CPI)
- 2.5%
How will it affect me?
Getting paid early will mean you need to plan out your month to make sure you don't overspend.
Make sure to factor this into your budget for September.
We've some top tips to make sure you save money throughout the month including meal prepping and finding hidden food discounts - you can read more about those in our guides.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk
