Deferred pension

Meant to say I was whacked for tax when I chose the lump sum. Hey ho

I deferred my state pension for a couple of years as I was still working. The bad news was that when I stopped the deferral I was whacked for tax. Ouch

I deferred my pension 10 years ago so I expect the rules have changed but after five years I got a nice lump sum and an enhanced pension.

I'd take the lump sum and enjoy it - just remember to account for the tax they'll deduct before planning how to spend it.

Take the lump sum if you don’t have any other money for contingencies, this could save you from perhaps having to take expensive loans if you have an emergency.

I added to my pension because although in today’s terms it will take years to recoup, if we have high inflation again it will be well worth having more in an inflation proofed pension.

Remember house prices doubling in a year and 15% mortgages anyone?

Remember that if you pay tax on any other pension, you will be taxed on the lump sum.

You can get the figures from the government website, and you've already worked out that it's not worthwhile claiming as extra pension (in my case I thought it was!)
Some of it can be recouped if you die before claiming, unless that has changed. When I deferred it could.

Thank you everyone, I think I will wait until next March and just hope I don’t drop down dead before then I’d hate to give them even more of my pension. I agree Greta8 I only had to work to 63 before getting my state pension but I remember my 13 month younger sister’s fury at having to work until (I think) 67.

Regarding the increase of state pension age for 1950's women, I think it's a shame WASPI have not focused on the 2011 Act alone. I know some women were unaware of the 1995 Act, but I have to say, hand-on-heart, that not only was I aware my pension age would be increasing but also that gave a massive amount of notice. I do accept however, that it was poorly communicated and that message did not reach all 1950's women. However the 2011 Act was a game-changer, minimum notice of up to eighteen months further delay on top of the increases in the 1995 Act. Typical arrogance of the Tory government, probably thinking it's only a few dim 1950's women, we'll get away with it. WASPI and Backto60 are brilliant, I hope their campaigns succeed in getting compension for all woman affected. Even if not, they have been a massive thorn in the side of the government.

I am one of those women who will have to work until I’m 67 petunia ( if I live that long) . We have all been robbed blind .

In answer to morethan if I were you I would take the lump sum and put it up very good use. How lovely . You may never see it all if you take it a bit at a time .

Now there’s a point. (And this is light-hearted just incase the written word looks a little harsh. I wrote it tongue in cheek) All the 1950’s women who had their pension age changed, for some like me, twice, how about as compensation, the years spent delaying payment were treated as deferred. Ha ha. What a good idea. Think I’ll write to my MP.
Oh hang on, I already did. I was told to put up and shut up. Still, as Ian Duncan Smith is allegedly supposed to have said-the WASPIwomen will all be dead soon. So no worries there then
As to your original post morethan2, I’m sorry I hijacked your post. I don’t know the answer for you

I took all the lump sums I could from work, state, deceased husband’s pension pot and spent them doing things I a,ways wanted to do. Lots of travel in my case. More than ten years down the line I don’t regret it for a minute.

We’re not a long lived family and I worked out I would be dead long before I got a return on what was in the pot.

I deferred mine and took the lump sum. It wasn't a huge amount but a nice lump sum.

morethan I was in your position exactly. Adding it to my pension would have made a small difference each time, whereas the lump sum made a significant dent in our mortgage.

Hope that helps.