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Deferring your pension

Deferring your pension

You can, if you wish, defer taking your State Pension and take it at a later date. This might give you a bigger amount when you actually start claiming it.

Under the state pension scheme before 6th April 2016, you need to put off claiming your State Pension for at least five weeks. After that, your pension will increase by 1% for every five weeks you delay, which amounts to 10.4% a year. For more information, see www.gov.uk

For the new state pension scheme from 6th April 2016, you’ll still be able to defer your State Pension, but the rules will change. You’ll need to defer taking your pension for at least nine weeks to get a 1% increase for every nine weeks you delay, amounting to just under 5.8% a year. For more information, see www.gov.uk

You can find out more about the current two-tier and new single-tier schemes online at The Pensions Advisory Service and www.gov.uk.

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For information on accessing your pension funds, request your personal retirement pack

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