STATE PENSION – I DON’T NEED IT YET

You can choose not to take your State Pension when you arrive at your State Pension Age. You may not need it as you are continuing to work or for other reasons. You can put off taking it. This is called State Pension Deferral. You will benefit by putting it off. If you put off claiming your State Pension for at least 5 weeks, you can earn an increase to your State Pension (a one- percent increase for every five weeks you put off claiming). You can also choose to take a lump sum instead. If you delay claiming your State Pension for at least 12 consecutive months, you can choose to receive a one-off lump sum payment instead of an increase in your pension.