Heads up, everyone! If you’re receiving a state pension, it’s time to double-check those bank statements. HMRC has clarified some important tax rules that might affect what you see.
Recently, someone asked HMRC where they could find a monthly statement showing their pension payments and deductions. The answer? Your state pension is paid by the Department for Work and Pensions (DWP), and, interestingly, no tax is deducted at the source. Your payments appear only on your bank statement—nice and simple!
Here’s what you need to know: starting in April, the state pension is getting a 4.8% boost. This means the full new state pension will jump from £230.25 a week to £241.30 a week, totalling £965.20 every four weeks if you qualify for the full amount.
For those on the full basic state pension, expect £184.90 a week, adding up to £739.60 every four weeks. Payments arrive in arrears and depend on the last two digits of your National Insurance number:
– 00 to 19: Monday
– 20 to 39: Tuesday
– 40 to 59: Wednesday
– 60 to 79: Thursday
– 80 to 99: Friday
Heads up for future retirees: the state pension age is set to rise from 66 to 67 between April 2026 and April 2028, with a further increase to 68 scheduled between 2044 and 2046.
Curious about your future state pension? Use the government’s forecast tool to see how much you’re on track to receive. Stay informed, and make sure you’re getting what you’re entitled to!