State Pension

Initially I took my SP then realised I would be working so I 'de-retired' and let the SP gain interest (a whopping 10% then) until I was ready to take it. At which point I opted for a tax lump sum rather than an enhanced pension. You pay tax, obviously, but it fitted in well with me running down my paid work when I re-retired.

From : Government web-site
If you reach State Pension age on or after 6 April 2016
Your State Pension will increase every week you defer, as long as you defer for at least 9 weeks.

Your State Pension increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.

The extra amount is paid with your regular State Pension payment.

Example: You get £185.15 a week (the full new State Pension).

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

I too had acsmooth application and payments but- just before my 66th ihad an email saying they hadn't hadn't application (!?) And I needed to provide details , all the usual everything except inside leg!! Weird I thought? So I replied to email asking why? And what had they done with my details already sent? No reply....strange.... Then another email very similar to first one asking me to reapply asap. I scrolled down and it had come from the foreign and commonwealth office " oh yeah?" I thought! Sent reply full of the most ahem! Vile language I could muster up on a Thursday........no reply....really?! Week later I got pension in bank as expected. Turns out scammy McScamface had been trying to extract my personables and nothing to do with my pension!!! Beware laydeez there's a foreign thief allocated to each and ever one of us, so don't get caught out!! How very dare they?!?!? At least they would have expanded their Anglo Saxon vocabulary........

kjmpde

in relation to paying extra NI contributions, an DWP advisor stated that it generally takes 8 years to claim back what you have spent.

It will depend how many years you are short. If anyone reading is not yet at pension age and has been contracted out (again, the website will tell you) you can pay in instalments, which is what I am doing. It is about £800 a year, but it does make a difference. I can see my forecast increasing each year, although I have had no bills from them since Covid.

I keep meaning to contact them about it.

Vintagenonna

From : Government web-site
If you reach State Pension age on or after 6 April 2016
Your State Pension will increase every week you defer, as long as you defer for at least 9 weeks.

Your State Pension increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.

The extra amount is paid with your regular State Pension payment.

Example: You get £185.15 a week (the full new State Pension).

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

No no no !! Do not defer!! They've already stolen 6 years' worth of pension how much do you want to give them?!? Money in YOUR bank rather than government is always best! Don't fall for their sanctioned scam! It's YOUR pension and not just another pot of money the government can shove their snouts in because they are incapable of managing the money they already have extracted from us all! Cheek of them, " we've lost our funds gambling on rubbish, can we raid your piggy bank you've spent 45+years saving into instead of learning to manage a budget?" Tell them to get lost.......

I decided to defer but later was advised by a financial advisor not to bother.

I called to ask if I could start claiming and they gave me a lump sum to cover the payments I would have received if I had claimed at the outset because it was within 11 months if when I could have started claiming.

I am under the new scheme and it's not as generous when you defer compared with the old state pension.

I also thought it would be hard for my husband to know what they owed me if anything happened to me.

I deferred for a year as I was still earning good money. It was under the old system, so I felt it was worth it and I have lived long enough to recoup the full amount, so for me it was a good decision. My SRP was already lower because my works pension was contracted out.
As far as tax is concerned, contributions to pensions reduced the amount of tax I paid when employed, so I expected it to be taxed in retirement.
Swings and roundabouts.

I have just started to receive mine this year and it's automatically paid every 4 weeks. However I discovered that you can contact them to request that it is paid weekly which is more helpful financially for me.

Started with SP many years ago. So good to hear something State owned working well.

I agree, my claim was straight forward and all on time no hiccups at all.

Diane 7, yes it can be paid whenever you want, weekly, fortnightly or every 4 weeks. I have mine weekly and my husband has his fortnightly, which suits us. You just have to phone and request it.

Glad most people have a good experience of receiving their pension on time. It didn't go quite so smoothly for me. I was 66 at the beginning of August last year, had applied in the April, had email confirmation for the receipt of my application but heard nothing else from them . I waited a couple of weeks after my birthday and then rang them, they had passed my details on to another dept and said they would chase it up. Several more phone calls later I finally got it sorted. Because I was widowed at 55, husband only 57, there was a possibility of extra money due to me but they hadn't worked out the amount . Eventually got my first payment mid October, backdated and including an extra £6 per week. If anyone doesn't hear in time I would advise chasing them up. It was a worrying time as I had finished working as planned at the end of August and had no money coming in for several weeks

It can also be paid every 13 weeks by request.

I started receiving mine from my 66th birthday in June, I continued to work part time until the end of July. Mine is paid every 4 weeks so 13 times a year, and August was the month for two payments, on the 2nd and the 30th. It feels like a good start to retirement!

I some people who defer their SP will be happy with their decision but I think the scheme is far more advantageous to HMRC than to the claimant.

Gabrielle56

Vintagenonna

From : Government web-site
If you reach State Pension age on or after 6 April 2016
Your State Pension will increase every week you defer, as long as you defer for at least 9 weeks.

Your State Pension increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.

The extra amount is paid with your regular State Pension payment.

Example: You get £185.15 a week (the full new State Pension).

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

No no no !! Do not defer!! They've already stolen 6 years' worth of pension how much do you want to give them?!? Money in YOUR bank rather than government is always best! Don't fall for their sanctioned scam! It's YOUR pension and not just another pot of money the government can shove their snouts in because they are incapable of managing the money they already have extracted from us all! Cheek of them, " we've lost our funds gambling on rubbish, can we raid your piggy bank you've spent 45+years saving into instead of learning to manage a budget?" Tell them to get lost.......

Where can we stash it that will get more than 5.8% per year in interest, Gabrielle ? Do tell!

If you opt to get it every 13 weeks, do you get interest on it? If not, what is the advantage of doing it that way, when you could get it monthly and paid into a savings account?

If you receive an occupational pension as well, your tax code should be adjusted to take into account the extra pension you will be getting. Mine wasn't and now I am in arrears and will be paying base rate tax until the end of the year. I though this would be automatic, but apparently DWP and HMRC 'have communication problems' and I had to tell them myself.

I am 66 next week and thank goodness for this thread. I applied as requested in May, had an email response then nothing since. I phoned yesterday thanks to this thread and now have a text saying it’s being processed. It had clearly not been done automatically after my claim so I would have been waiting for nothing come next month. Thank you thank you x

Elegran

Gabrielle56

Vintagenonna

From : Government web-site
If you reach State Pension age on or after 6 April 2016
Your State Pension will increase every week you defer, as long as you defer for at least 9 weeks.

Your State Pension increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.

The extra amount is paid with your regular State Pension payment.

Example: You get £185.15 a week (the full new State Pension).

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

No no no !! Do not defer!! They've already stolen 6 years' worth of pension how much do you want to give them?!? Money in YOUR bank rather than government is always best! Don't fall for their sanctioned scam! It's YOUR pension and not just another pot of money the government can shove their snouts in because they are incapable of managing the money they already have extracted from us all! Cheek of them, " we've lost our funds gambling on rubbish, can we raid your piggy bank you've spent 45+years saving into instead of learning to manage a budget?" Tell them to get lost.......

Where can we stash it that will get more than 5.8% per year in interest, Gabrielle ? Do tell!

Minus the pension which you're not receiving. It only works if you don't need any of your pension for a year and you live for approximately 20 years beyond SPA.

growstuff yes my friendly pensions manager confirmed the same about the 20yrs ...just take the SP when eligible ..none of us knows what's around the corner!

I applied exactly four months before my 66th birthday. I contacted the DWP in Newcastle by phone. They were so helpful everything was completed in the one telephone conversation. As I live abroad I thought it might be more difficult. The chap that I spoke with praised me for contacting them as early as possible. He said that some leave to the very last minute and then get annoyed if there are any delays.

I feel cross that, at 63 I’m still working. I could have deferred my pension at 60 and got more interest but now have to wait another 4 years!

Bea65

Just to advise, if you're still working at 66 like myself, you will pay tax on your earnings over 11.000 as they include your SP payments..think this is so wrong as your SP is not a BENEFIT its what you've paid NI contributions for.

I was due to start my pension at 60, I deferred it and claimed at 70 however I was taxed on the whole sum. I fought for a refund and as my income was under the taxable bar that year, due to Brexit and Covid, fortunately I got a full refund.
With this in mind maybe if you know in advance you could earn less the particular you wish to claim.

Don’t forget that if you have a few missing years and have looked after grandchildren whilst a parent is working ( however few hours a week) you can get a years ni credited. I was 5 years short and have made up 3 of them this way ( saving me £2200 in voluntary contributions)
It’s called specified child care credits, and is not widely advertised. You can make a claim up to a few years in arrears.
Spread the word

I’d just come on to see if anyone had mentioned the childcare credits, storynanny - you’re right, they’re not well publicised, but they can make a big difference to your final pension.

One thing to note is that the child’s parent has to have registered as eligible for child benefit even if, for tax reasons, they’re not claiming it. I lost out on a year’s credits because DD2 hadn’t registered.

Yes you are right Maggie, some parents don’t realise that you should register even if they dont get the money.