State pension deferral - worth while??

kidmugsy

janeh52 wrote: »

I don't think anyone has raised this point so far: if you choose to defer your state pension, does that mean losing out on other benefits like winter fuel allowance (while it lasts...) and qualifying for the oldies' bus pass? I reach SPA ( 62 for me) next May and would want to factor this into a decision about whether deferral is in my best interests.

Shock horror! You do lose your £10 Xmas bonus though.


P.S. It may be (meaning that I don't know) that if you are old enough to qualify for the winter fuel allowance but have not started your pension, you need to get in touch with THEM to ask for it.

luvchocolate

I think you are right and we would need to apply for the winter fuel payment.
On a different note due the pension age moving so much I suppose we would have to notify national insurance to stop this going out of salary.

mgdavid

kidmugsy wrote: »

Shock horror! You do lose your £10 Xmas bonus though.


P.S. It may be (meaning that I don't know) that if you are old enough to qualify for the winter fuel allowance but have not started your pension, you need to get in touch with THEM to ask for it.

Apparently not as I've received WFA for a few years without specifically claiming it and am not SRA until later this year.

mgdavid

luvchocolate wrote: »

......
On a different note due the pension age moving so much I suppose we would have to notify national insurance to stop this going out of salary.

You would just check on your next payslip after reaching SRA that they stopped deducting NI. If they haven't then you take it up with your payroll department.

janeh52

Responses gratefully received and very helpful thanks - including the tip to remind the HMRC when they should stop deducting NI once I hit the magic age.

Jane

mgdavid

janeh52 wrote: »

Responses gratefully received and very helpful thanks - including the tip to remind the HMRC when they should stop deducting NI once I hit the magic age.

Jane

HMRC do not 'deduct NI'.
As I said in the post just before yours, your employers payroll department pay the NI ( based on their liability to do so). Once you reach SRA the payroll system should recognise this and stop deducting NI; if you check your 1st payslip after SRA and it's still there you will need to talk to your Payroll department, not HMRC.