4 June 2024
When you approach State pension age (currently 66, set to rise to 67 by March 2028), you won’t receive a State pension automatically. Instead, you’ll get a letter explaining how to claim it when you’re ready.
You can either claim your State pension as soon as you reach State pension age, or you have the option to delay (defer) claiming it. Deferring your State pension could increase the payments you get when you decide you do want to take it.
How does it work?
Your State pension will increase by 1% for every nine weeks that you defer it. This works out as just under 5.8% for a year.
For example, using the full new State pension figures for 2024/25, you’d get £221.20 a week.
By deferring your State pension by a year, you could receive an extra £12.78 a week, increasing your weekly State pension to £233.98.
This works out as an extra £664.56 each year.
Already getting your State pension? You can still defer!
If you already receive your State pension, you can opt to stop receiving it for a time (for example, if you’re going back to the workplace for a few years), but you can only do this once.
Seek advice before deciding
Before you make any big decisions about deferring your State pension, you should consider speaking to an independent financial adviser (IFA). An IFA can look at your individual circumstances and will help you make a decision that’s right for you.
You can use MoneyHelper’s Retirement Adviser Directory to find an IFA.