State Pension UK: Deferring can help to boost a sum – even while someone is claiming | Personal Finance | Finance


State Pension is given to Britons who are eligible, usually after decades of National Insurance contributions. It is overseen by the Department for Work and Pensions (DWP) who ensures pensioners are receiving the sum to which they are entitled at the right time. To receive the state pension, a person must reach an eligible age, known as state pension age, as well as having a minimum of 10 years in National Insurance contributions to obtain any payment at all.

And according to the government, this will work out as just shy of 5.8 percent for every 52 weeks a person puts off receiving their pension.

While deferring is usually an activity carried out before a person claims the pension for the first time, it is not too late for those who have already claimed.

There is a way to boost the state pension even after receiving it.

People can ultimately take a break from receiving the state pension to boost their payments later down the line.

This means when they start claiming again, their amount could be higher.

But this will only be the case if they adhere to the deferment rules and put off the payment for at least nine weeks.

Those who want to defer in this way will need to reach out to the government to explain their intentions.

Pensioners will be required to tell the government the date they wish to stop receiving their pension from.

And this cannot be a date in the past, or more than four weeks in the future.

But people should also think carefully before enacting a deferment to their state pension sum.

This is because this type of action can only be taken once, although ultimately the time of deferment can be as long as an individual wants or needs.

Those who are receiving benefits must also inform the Pension Service if they are looking to defer.

This is because people cannot build up extra state pension during any period of receiving certain benefits like Pension Credit, Widow’s Pension or Income Support.

To claim a deferred state pension, pensioners will need to get back in touch with the government.

If a person has deferred for a year or less, then they can apply online, but this can also be achieved via phone or by downloading the state pension claim form to send off to a local pension centre.

Those who have deferred for more than a year will need to call the Pension Service to make a claim.

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