When Will I Get My Pension?


For millions the UK State Pension is bedrock of their retirement planning. But “when will you get your pension?” Is it 60 or 65 or 66/67/68 or later? Can you defer, are you entitled, and will it still be around when you want it? GFF has a comprehensive guide that answers the first question for everyone – you’ll know exactly when you’ll get your pension – guaranteed.

I, like Retirement Investing Today never fully believed that the state pension would be around when I’m older – and that at least motivated me to save for my own retirement myself and chimed with my own view that the cards were stacked against younger people. (And I’m not making this up – smarties like the Resolution Foundation are saying the same thing.
Of course I’m now older and can see that my state pension is zooming into my time horizon and I will be collecting it in less than 3 decades. I can barely wait.

But what about the question I promised to answer?

“When Will You Get Your Pension?”

Luckily, the government have a very handy guide to help you and here’s the link. But here’s what they say:

Your payment day

The day your pension is paid depends on your National Insurance number. You might be paid earlier if your normal payment day is a bank holiday.

Last 2 digits of your National Insurance number give you the payment day of the week

00 to 19 – Monday

20 to 39 – Tuesday

40 to 59 – Wednesday

60 to 79 – Thursday

80 to 99 – Friday

So there you go – for me, I’ll be getting the OAP special on a Friday. For the Lady, she’ll be doing her big shop at Iceland and getting 10% off on a Monday. It’s great to have things planned out in advance.

On a more serious note. Whilst the UK State Pension (or still alive subsidy) is an egregious transfer of wealth from the young and mostly poorer to the old and mostly richer – it doesn’t mean that you shouldn’t care about yours. The UK pension depends on the number of qualifying years of NI contributions you’ve made. You can check your forecast at this gov.uk link . If you are missing some years, you can pay in and gain. I’ve written about it here and you should know how many years you’ve got and how much you’ll stand to gain – we might aspire to be Financially Independent and Retire Young – but sweating over what your SWR is for a 40-year period becomes a lot less stressful when you can look forward to almost £10,000 a year from the government (£20k for a couple) once you are 68.

Thanks, GFF.

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