Can you defer your pension?
You can defer or delay your state pension.
To do this you simply do not claim your pension, which you have to do to start receiving the monthly sum.
You can get more in payments if you defer your pension.
How much do you get when you defer your pension?
This depends on when you will receive your pension.
If you reach state pension age on or after 6 April 2016 the government states on its site: “Your state pension will increase every week you defer, as long as you defer for at least nine weeks.
“Your state pension increases by the equivalent of one per cent for every nine weeks you defer.
“This works out as just under 5.8 per cent for every full year.
“The extra amount is paid with your regular state pension payment.”
If you reach state pension before 6 April 2016 then you will have a choice as to how you get your extra state pension.
You can get your extra state pension as a lump sum or as weekly payment.
Provided you have deferred for at least 12 months you will get a one of lump payment with 2 per cent interest.
If you chose high payments the government states: “Your state pension increases by the equivalent of one per cent for every five weeks you defer.
“This works out as 10.4 per cent for every full year.”
If you never claimed your pension before you died, your spouse can claim it with their own state pension.
What state pension will you be entitled to? Pension eligibility explained
Men born before 6 April 1951 and women born before 6 April 1953 are eligible for the basic state pension. The full basic pension sum is £125.95 per week.
Men born or after 6 April 1951 and women born on or after 6 April 1953 will receive the new state pension.
The full new state pension is £164.35 per week.
