The New State Pension is worth up to £221.20 each week over the current financial year. A survey of 1,050 retired and semi-retired people by later-life specialist Just Group has found that a quarter (25%) 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 this is set to rise to 67 between 2026 and 2028. Those who are eligible for the New State Pension (eligible post-April 2016) can benefit from a one per cent increase in their weekly State Pension for every nine weeks they delay claiming the payment, equivalent to nearly 5.8 per cent extra income for every full year deferred .
Just group explained that after the annual Triple Lock uprating boosted the full New State Pension to £221.20 each week for the 2024/25 financial year, people due to retire, who choose to defer claiming their State Pension, will benefit from an extra £12.78 every week - equivalent to a boost of £664.
58 over the next 12 months. 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. These retirees receive an extra one per cent State Pension income for every five weeks deferred, equal to an annual rise of 10.
4 per cent or £916.66, which can be taken either as extra income or a lump sum. The Just Group research indicated that women (26%) were significantly more likely than men (19%) not to know about the possibil.