Published On: Sun, Nov 10th, 2019

State pension UK: Can state pensions be paid into a savings account? How payment is made | Personal Finance | Finance

The state pension is a sum of money that a person may be able to claim – but only once they have reached state pension age. This age is currently rising, meaning those affected by the changes may need to wait longer until they can get it, compared to in the past.

How much a person gets via their state pension will depend on their National Insurance record.

The state pension is not paid automatically, but instead it must be claimed.

For the basic state pension, the first payment is made at the end of the first full week after reaching state pension age – unless it is deferred.

If a person does delay getting the state pension, the first payment is at the end for the first full week in which one wants to start getting their pension, the government website explains.

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For the new state pension, the first payment will be made within five weeks of reaching state pension age – although it is possible to defer getting it.

The pensioner will then get the full payment every four weeks after that.

It may be that part of the state pension is paid before the first full payment.

The recipient will get a letter after making their claim which should tell them what to expect.


Can the state pension be paid into a savings account?

The government website explains that the state pension is usually paid every four week into “an account of your choice”.

The state pension is usually paid every four weeks, in arrears.

The day that the payment is made will depend on one’s National Insurance number.

Anyone with a National Insurance number which ends in either 80 up to 99 would normally be paid on a Friday.

It may be that a person is paid earlier than they would normally have been if the payment day falls on a bank holiday.

This includes the upcoming Christmas Day and Boxing Day.

This year, these bank holidays fall on a Wednesday and Thursday, while New Year’s Day is a Wednesday.

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