State Pension Update – What Residents Should Know

HMRC has recently clarified the rules surrounding state pension payments, particularly in response to questions about payment statements and tax deductions. It’s a useful reminder for residents to review their state pension arrangements and ensure they understand how payments are made.

Key Points

• State pension is paid by the Department for Work and Pensions (DWP)
• No tax is deducted at source from state pension payments
• Payments are typically made every four weeks and appear on bank statements rather than as separate payslips

Payment Rates (From April)

• Full new state pension: £241.30 per week
  (£965.20 every four weeks)
• Full basic state pension: £184.90 per week
  (£739.60 every four weeks)

Payment Schedule

The day you receive your pension depends on the last two digits of your National Insurance number:

• 00–19: Monday
• 20–39: Tuesday
• 40–59: Wednesday
• 60–79: Thursday
• 80–99: Friday

Changes to State Pension Age

Residents approaching retirement should also be aware that the state pension age will begin increasing from 66 to 67 between April 2026 and April 2028, with further increases planned in the future.

Checking Your Pension

You can check your projected state pension entitlement using the official Government forecast tool online. This can help with planning and ensuring you are receiving the correct amount.📢 Residents are encouraged to share this information so others can better understand their entitlements and plan ahead.

🔗 Stay connected and follow my work in the community:

https://www.michaelthomas.wales/