Millions of pensioners will receive their payments earlier next month due to upcoming bank holidays. Good Friday, which falls on April 18, and Easter Monday, on April 21, will impact the scheduled payment dates.
In light of these holidays, the Department for Work and Pensions (DWP) has announced that benefit payments will be made a day before the long weekend begins. As a result, the state pension will be issued on Thursday, April 17.
Benefits Affected by Bank Holiday Changes
Along with the state pension, other benefits will also be impacted by these changes. Child benefit, disability living allowance, carer’s allowance, and personal independence payment (PIP) claimants will receive their payments on April 17, as well.
If you’re receiving any of these benefits, you don’t need to take any additional action, as the payments will be made directly to your bank account as usual.
May Bank Holiday Payment Dates
The two upcoming May bank holidays, May 5 and May 26, will also affect benefit payment dates, although specific adjustments for these will be communicated in due course.
Increase in State Pension Payments for Older Britons
April State Pension Increase
Starting April 2024, millions of older Britons will see a significant increase in their state pension payments, with some receiving an additional £474. This increase comes as part of the annual rise, in line with the triple lock promise.
The state pension will rise by 4.1% from April 7, reflecting the increase in wages, which has been confirmed at this percentage. The rise is calculated based on the highest of the following three factors: inflation (using September’s inflation rate), wage growth (the average growth between May and July), or 2.5%. This year, wage growth was the deciding factor, resulting in the 4.1% increase.
Bank holidays in April and May are set to affect the dates for various benefit payments, including the state pension. Pensioners will receive their payments early in April, specifically on Thursday, April 17, before the Easter bank holiday weekend.
Additionally, state pension payments will rise by 4.1% from April, marking a significant boost for millions of pensioners. It’s important to note that other benefits, including child benefit, disability living allowance, carer’s allowance, and PIP, will also follow the same adjusted payment schedule. The rise in the state pension will provide much-needed financial relief for many older Britons.
FAQs
When will my pension be paid if I’m receiving benefits?
Your pension payment will be made on Thursday, April 17, due to the bank holiday on Good Friday (April 18). This also applies to child benefit, disability living allowance, carer’s allowance, and PIP claimants.
Will I need to make any changes to my bank account for the early payment?
No, you don’t need to make any changes. The payments will be made as usual into your bank account.
How much will my state pension increase in April 2024?
The state pension will rise by 4.1% starting on April 7, in line with the triple lock system, which uses wage growth as the determining factor this year.
How are state pension increases determined?
The state pension increase is based on the highest of three factors: inflation, wage growth, or 2.5%. For 2024, the increase was determined by wage growth, which stands at 4.1%.