People of State Pension age can make a simple switch
State pensioners could reduce their tax bills by making a switch, if they know they'll likely see an increase in income in the future. People are able to defer their State Pension, if they've already started claiming it, but there are some important rules about it. Claire Exley, head of financial advice and guidance at Nutmeg, spoke about the option to defer receiving the State Pension and who this would benefit.
If you have higher weekly payments, your State Pension will increase for each week you defer, as long as you defer for at least five weeks. In this case your State Pension would increase by the equivalent of 1% for every five weeks you defer, or 10.4% for 52 weeks. The extra amount is paid with your regular State Pension payment. So for someone on the full basic State Pension at £169.50 a week, deferring for 52 weeks would mean an extra £17.62 per week.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nine DWP benefits and discounts all state pensioners need to know aboutPeople are being encouraged to make the most of the additional financial support
Read more »
New DWP plan to ‘boost uptake’ of State Pensioners claiming £3,900 income top-upAn estimated 880,000 people could be eligible for Pension Credit which now provides access to Winter Fuel Payments.
Read more »
Vast majority of people contacting DWP about state pension are 'satisfied' official report findsThe level of positive feedback is consistently above DWP's benchmark of 85%, according to the report from the National Audit Office.
Read more »
Older people over certain age could be due extra State Pension payment from DWPThere are nearly one million older people eligible for Pension Credit not claiming the £3,900 annual income top-up.
Read more »
People born in these years owed £5,280 DWP state pension boostThousands of people could be missing out on state pension payments and the DWP is urging them to come forward
Read more »
DWP warning as huge number of pensioners could be missing out on £4kThere are two types of Pension Credit - Guarantee Credit and Savings Credit
Read more »