Deferring Stae pension

jamesd

What I noticed is that it flatly contradicted your claim that "the serps or anything extra on top of your state pension (serps etc) does not get into your estate, the government keeps that portion of it".

Kindly supply some evidence to support your claim so that I and others can read it and be better informed as a result, or give some other reason to disbelieve the official statements about what happens.

Hollypear

jamesd wrote: »

Your pension would be taxable so if you don't need it, why pay tax earlier than you need to?

If you defer the best option is to take the extra pension income, not the lump sum. Deferring up to three to five years is generally the best amount time, with the longer time for those who are in good health and the shorter one for those who are in average health. The extra certain income is usually worth having.

Do you have other pensions? How about other income? What's your health like, anything life threatening like smoking or being very overweight or having heart trouble? Those things might make something other than the general guidance appropriate.

James thanks for that. I do have another private pension which with advice from my Personal Finance Advisor I took a partial lump sum recently for some home improvements and deferred the rest. It is with Scottish Life ( I think).

I also have an annuity this Novemember with RNPFN which is a fair amount.

I just phoned the pnesion credit people just now for my mum and she gave me a number to phone about mine. Now apparently there is a department which deals specifically with deffered pensions but they wont give out that number as they are too busy!!!! So I got put through to the dept where you say you want to defer your pension and they cannot tell me the exact amount I would get. They can only tell me that when I actually reach pension age which isn't until Novemember. All I can get just now is a forecast ( which is only an approximation).

Complicated or what???

To crown it all I had a meeting about my mum who has Alzheimers disease about care for her at home. Now if the carer gives her medication that is free. If she makes her a wee cup of tea that is not personal care so is charged for.

Hollypear

I have an update for you all. I got a visit to my mym's house from a pension expert as sge has Alzheimers disease and it entitled to extra tax credit. I raised the subject of my defferring my state pension and he confirmed should I die before 64 ( when I plan to retire) the money does not go into my estate. The govt keeps it so he doesn't recommend it.

SeniorSam

Hollypear wrote: »

I have an update for you all. I got a visit to my mym's house from a pension expert as sge has Alzheimers disease and it entitled to extra tax credit. I raised the subject of my defferring my state pension and he confirmed should I die before 64 ( when I plan to retire) the money does not go into my estate. The govt keeps it so he doesn't recommend it.

Hollypear...

If you defer your state pension and die before taking it, the rolled up extra is paid to your estate. This is made clear in the pension booklet that you should have had from the pension office.

I deferred my state pension for 3 years only on that understanding and now receive £14,200 p.a. which I staterd taking a few months ago - age now 68.

The so-called expert at your mother's house is an idiot and should not be commenting on matters that he/she is not aware of and if a Financial adviser - report them.

Speak with the pensions office only and get and read the booklet.

Sam

Hollypear

SeniorSam wrote: »

Hollypear...

If you defer your state pension and die before taking it, the rolled up extra is paid to your estate. This is made clear in the pension booklet that you should have had from the pension office.

I deferred my state pension for 3 years only on that understanding and now receive £14,200 p.a. which I staterd taking a few months ago - age now 68.

The so-called expert at your mother's house is an idiot and should not be commenting on matters that he/she is not aware of and if a Financial adviser - report them.

Speak with the pensions office only and get and read the booklet.

Sam

Sam The guy was from the pensions office. He used to be a pension supervisor and is employed by the govt.

bendix

Then there are only a few choices, Holly.

Either he is giving you the wrong information.

Or you are misunderstanding it.

Or it's getting lost in translation while you post.

The advice you have received on here is correct. The advice you say you received from this guy is wrong. It's as simple as that.

Hollypear

bendix wrote: »

Then there are only a few choices, Holly.

Either he is giving you the wrong information.

Or you are misunderstanding it.

Or it's getting lost in translation while you post.

The advice you have received on here is correct. The advice you say you received from this guy is wrong. It's as simple as that.

I didn't misunderstand it as my husband was present. How can someone from the government get it so wrong. His ID card said SENIOR pensions adviser HMG.

EdInvestor

Here are the rules

http://www.thepensionservice.gov.uk/pdf/spd/spd1may08.pdf

EdInvestor

Here is what Age Concern says :

http://www.ageconcern.org.uk/AgeConcern/Documents/IS12Deferring_Retirement_Pension.pdf


Much the same as what jamesd has posted.

It does look as though you lose the lot if you are single and die while deferring.That may be where the confusion arises.