The date for state pension payments is set to change for March, with millions expected to be impacted.
The change will be happening because Easter falls across both March and April this year.
Good Friday falls on March 29, Holy Saturday on March 30, Easter Sunday (or Easter Day) on March 31, and then Easter Monday on April 1.
Any benefit payments due to go in on any of those dates will instead land in accounts on Thursday, March 28.
The pension date is set to change
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This will impact State Pension if people normally get it on a Friday (which applies to recipients whose National Insurance number ends with two digits between 80 and 99).
It will also impact Universal Credit, where payments go in on a specific day.
Pensioners have been advised to take note of when the payment will be made to ensure they can plan ahead and avoid falling short or overspending.
Anyone who does not receive their payment one working day before the bank holiday has been urged to contact the Department for Work & Pensions directly.
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The attendance allowance, carer’s allowance, disability living allowance, employment and support allowance and jobseeker’s allowance will all likely be covered.
Britons receiving child benefit payments, income support, pension credit, personal independence payments, universal credit and tax credits could also see money land in their accounts earlier than expected.
During the Spring Budget, Chancellor Jeremy Hunt confirmed the levy’s rate would be slashed to eight per cent for workers and six per cent for the self-employed.
However, concerns have been raised over how the state pension will be paid for with experts questioning “where the money will come from” as Britons need to have 35 years of National Insurance contributions under their belt to get their full benefit retirement, including the full new state pension.
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State pensions are either raised by the rate of inflation, average earnings or 2.5 per cent; whichever is highest.
With inflation and wages having been relatively high in recent years, this has resulted in older Britons being awarded a sizable pay out from the Department for Work and Pensions (DWP).
Earlier this week, the Labour Party warned that the state pension could be at risk as a result of the Conservative Party’s tax plan.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
