How often is it paid and how do I
get my hands on it?
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Your state pension is paid weekly. Your first state pension
payment will be payable on the first payday following the date you
start to claim. Sometimes your first state pension payments will be a
little less than the full amount due to you. Sometimes this is
done whilst your full entitlement is still being calculated. Don't
worry once your full allowance is known they will make a payment
in respect of the arrears
Prior to April 2003 there was a choice as to how your state
pension is paid to you provided your pension was more than £5 per
week (if it is less than £5 per week then it is paid yearly in
arrears into your bank account) you could either have it paid
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direct into your bank account; or
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in cash at your post office
From April 2003 the system has been changed so that all
payments are made into bank accounts. The change to 'Direct
Payment' will not affect how much money you receive or how often
you receive it. It merely changes the way in which you receive the
money.
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Which types of account are
acceptable?
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If you still want to collect your money from the Post Office then
you must either elect to use an existing Post Office account or else
open a new account with the Post Office. The Post Office will be
able to provide details of the various options.
It is also possible to use an existing bank or building society
account to receive your state pension benefits. Most types of
account are acceptable with the exception of mortgage accounts,
business accounts, children's accounts and some passbook savings
accounts. If you are not sure then ask at your local Post Office to
see if the account you have is acceptable.
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Can somebody else still collect my
pension?
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If somebody else used to collect your pension and you would like
this to continue under the new arrangements then you will need to
authorise this person to withdraw money from your account. The Post
Office (if your account is with the Post Office) will be able to
help otherwise contact the bank or building society with which you
hold the account.
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Further information
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If you need more details about Direct Payments then ask at your
local Post Office. You can also click on this link to go to the
Pension Service website and read their material about
Direct Payments.
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Get the FREE Pension calculators from Essential Pensions.
No money, no
registration, just include one line of HTML in your web page.
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Use our online calculator
to get an estimate of your basic state pension.
Its free and
simple to use you can even include it on your own website!
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If you have a pensions
related question then please let us
know.
If it's something other people
would find useful then we will post an answer in our Frequently Asked Question
(FAQ) area.
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Read the guide to
investment in the pensions guide. It explains what you need to
think about before investing for your retirement.
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