Pension Payments.

[rich47]

Can anyone explain why if I became 65 on May 13th my pension begins to be paid from May 19th and every 4 weeks thereafter.
What happens to the pension due for the six days from 13th to 19th.
It seems it is just lost, gone forever.
We are not talking vast sums here but it seems completely unfair.
Rich

[factor-fiction]

Hi Laybirder- I assume that's because you started receiving your pension before 2010, as the link also says

"Before 6 April 2010- Your state pension became payable from the first Monday following your SPA. It is then paid every Monday thereafter."

[ladybirder]

Factor those who saved for small private pensions find they wasted their money as they lose out on Pension Credit, etc

Factor I saved for a small private pension and really don't feel like I wasted my money. I would much rather fund myself and be independent than go cap-in-hand to the government.

[ladybirder]

Yes it was before 2010 factor so that explains it thank you.

[factor-fiction]

Hi- that's fine. I know my FIL paid into a private pension which paid out a small pension of around £40 or £50 a month. The effect was his Pension Credit was reduced by the same amount. Maybe he was pleased he was supporting himself but I can see why someone in that position would wonder whether it was worth it. I think the system has discouraged some from saving for retirement.