11/11/2009 - Did you know that you can also delay taking your State pension?

The option to delay taking your State Pension

You can choose to put off claiming you State pension when you reach State Pension Age. It is also possible to stop claiming it after you have claimed it for a period. By taking these measures, it is possible to earn extra State pension.

State Pension Age is the earliest age at which you can claim your State Pension. The State Pension Age, set by law, is currently 65 for men and 60 for women who were born before 6 April 1950. However, the State Pension Age for women born on or after 6 April 1950 will gradually increase from 60 to 65 between 2010 and 2020. This means that the State Pension Age for both men and women would be the same by 2020.

The State Pension Age for men and women will continue to rise from 65 to 68 between 2024 and 2046, which will affect anyone born on or after 6 April 1959. For more details about proposals to bring forward changes to the State Pension Age for men and women, please see the NewsLine section of the newsletter.

State Pension Age for both men and women will increase from 65 to 68 between 2024 and 2046. The age at which you retire from employment does not affect when you can start drawing your State pension after you reach State Pension Age.

If you put off claiming your State pension for at least five weeks you can earn an increase to your State pension of 1 per cent for every five weeks you put off claiming.

If you put off claiming your State pension for at least 12 consecutive months (which must all have fallen after 5 April 2005) you can choose to receive a one-off lump sum payment, with your State pension paid at the normal rate.

There are changes to the rules around claiming an increase of your State pension for another adult. For more information about this as well as for the options surrounding taking your State pension, visit www.direct.gov.uk/en/ Pensionsandretirementplanning or call the Pension Service on 08456 060 265.