A survey reveals that 25% of individuals aged 55-64 are unaware of the option to defer their State Pension, potentially missing out on increased income.
A survey of 1,050 retired and semi-retired people by later-life specialist Just Group has found that a quarter of those aged 55-64 are unaware of the option to defer their State Pension . The official age of retirement is 66 for men and women, but is set to rise to 67 between 2026 and 2028 under current UK Government plans.
Those who reached retirement age before April 6, 2016, but chose to defer claiming the Basic State Pension, are treated more generously, according to Just Group. Commenting on the findings, Stephen Lowe, group communications director at Just Group, said: “Deferring can be a good option for people who don’t need the income immediately - perhaps because they are still working or have other sources of cash - so it is disappointing a quarter of those approaching State Pension age don’t know about the option.”
The retirement specialist said that the State Pension provides an important bedrock of income for many pensioners so it’s crucial people have a full understanding of all the options that are available to them. State Pension and Personal Tax Allowance The Personal Tax Allowance threshold will remain frozen at £12,570 during the 2024/25 financial year, which means older people with an income of more than £242 per week may have to pay income tax.
Retired Semi-Retired State Pension Deferral Income
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