Many people may not realise that the benefit isn't issued automatically and must be claimed
The Department for Work and Pensions has released figures that nearly 12.7 million older individuals in the UK are currently supported by the State Pension. To qualify for this benefit, which is open to those who have reached the State Pension age of 66 for both men and women, one must have contributed at least ten years' worth of National Insurance Contributions.
The DWP advises: "You should get a letter no later than two months before you reach State Pension age, telling you what to do." Deferring your State Pension could potentially increase your weekly payments when you decide to claim it, provided you defer for at least nine weeks. For every nine weeks you defer, your State Pension increases by the equivalent of 1%, which equates to just under 5.8% for every 52 weeks.
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