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Deferring the state pension
moneylover
Posts: 1,664 Forumite
Interesting article in the Times today
http://business.timesonline.co.uk/tol/business/money/pensions/article3211193.ece
http://business.timesonline.co.uk/tol/business/money/pensions/article3211193.ece
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Comments
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Has been an option for a couple of years (probably getting Times publicity as gordon needs your [deferred] dosh. Well worth it if you retire with savings - live off that while racking up BoE rates + 2% into the lump sum. Not too sure about taking the increased pension, you need to live quite a lot of years before you catch up with the (hopefully invested) lump.0
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Has been an option for a couple of years (probably getting Times publicity as gordon needs your [deferred] dosh. Well worth it if you retire with savings - live off that while racking up BoE rates + 2% into the lump sum. Not too sure about taking the increased pension, you need to live quite a lot of years before you catch up with the (hopefully invested) lump.
Yes, I know its been an option for a while and my pension has been deferred for a just over a year now but I posted the link because I thought it explained the whole thing quite well.0 -
What is the general consensus on deferring state pension? The interest rates have dropped a long way since then so is that a factor?
The article doesn't explain enough how much is the lump sum portion - is that just the extra amount that has been yielded?
Although the increase may be welcome, not overly keen on taking 10 years to catch up. That is because any deferral if this option is taken it will only be for the short term whilst the wife works part time as she'll need it when she retires as obviously will be on less income.
What do you peeps reckon?0 -
Take your money now. (Or whenever you can; don't defer.)
Who knows what the future offers, or how past contracts will be renegaded upon.
It takes approx 10 years to recoup the deferred income (assuming you live that long). Will you want that income when you are 70 - 75 and looking forward to ever increasing pain and loss of mobility, or could you have enjoyed life a little when age 60 - 65?0 -
Thats the line of thinking thanks.0
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The Govenment are not holding onto my Pension a moment longer than necessary.
I am 60 on January 27th 2010 and the earliest I can receive it is February 1st. This will be my first payment and then I will receive it every Monday from then on.
I've even elected to receive it weekly so as I don't miss out on any.
As someone else has said, who knows what the future holds? I might defer it for two years and die before I get any.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Yes, antoher one here who has not deferred. Not a family of long livers so I'm having it all and I'm having it now. lol.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Is 60 the earliest you can take a state pension?
Have in the back-of-my-mind you can stop paying the NI part to the state pension if you have paid enough NI credits. Anyone know if this is true, and if it is how does one find out from the DHSS?It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
and it'll only take about another 100 years for mankind to really **** it up!!!!0 -
At the moment women get the state pension at 60 (changes next year in yearly increments till it eventually comes that they get it at the same age as men)
Men get state pension at 65 at the moment.
Doestn make any difference whether you have paid enough NI credits or not,
you pay NI until you reach retirement age. When you get to state pension age you stop paying NI altogether.
At the moment at least 39 years of NI are required for a full state pension.
In April 2010 it will be lowered to 30
regards.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
I deferred my state pension whilst I was still working from 60-63 and never regretted it - a healthy boost to my weekly guaranteed income. Great. And I certainly intend living long enough to more than break even.
To seven day weekend who intends claiming weekly in advance (as I most certainly do) instead of monthly in arrears : Make sure you make your claim a.s.a.p. as they intend to change the rules, so all new claimants have no choice but to take their pension monthly in arrears. Sneaky. Not sure when it comes into effect, so check it out.0
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