The state pension is a sum on money given to those who are eligible for it, provided they have reached state pension age. This has been rising in recent years, so it may be worth using the government calculator in order to figure out when you could receive the money. It’s worth baring in mind that there are two types of state pension – the basic and new – and the full amount you can get varies between them both. How are they paid?
Regardless of the type you’re entitled to get, the state pension is paid on a monthly basis.
It you’re eligible for the basic state pension, you will need to claim it, before you get the money.
The same goes for the new state pension.
Then, the government should pay you the state pension.
You can choose the bank account you’d like the money to be put into.
Should you want to nominate someone to collect the state pension, you should contact your account provider.
Most banks, building societies, and other account providers allow a third party to access your account, such as via a second card.
It’s paid every four weeks in arrears, meaning you’ll receive the money for the previous four weeks – rather than the ones coming.
The day your state pension is paid depends on your national insurance number – although there are different rules if you live abroad.
Provided you have claimed it, the first payment of the basic state pension should be made at the end of the first full week after you reach state pension age.
Meanwhile, those on the new state pension will get their state pension within five weeks of reaching state pension age.
State pension age equalisation has begun, with men and women now reaching state pension age at the same time.
Previously, women could access their state pension at the age of 60.
Meanwhile, men would have to wait until they reached the age of 65.
But, reform to these rules began under the Pensions Act 2011.
By 2020, the state pension age for both men and women should stand at 66.
READ MORE: How can you increase your state pension by £600 per year?