Deferred Pension Figures Table

33Lurcher

Does anyone know if Gov have published an updated publication that reflects the interest payable on state pensions after 6/4/16 ? , been using this one when estimating wife who deffered 2 yrs ago .
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/372517/dwp024-102014.pdf

Mine eligible Jan 2017 and know the interest has been halfed roughly , had a search but can't see any new tables to reflect the changes .

GunJack

pre-apr 2016 it worked out at 10.4%-ish pa until claimed, post apr-2016 it's down to 5.8%pa until taken.

However, you get so much % for each block of x weeks (which adds up to the 5.8% pa). The exact figures are on the board here somewhere

LXdaddy

I'm confused by your use of the word "interest". Interest calculation only comes into play in determining the Lump Sum. The interest rate is stated as at least 0.2% above base rate.

I suspect that you are talking about the calculation of the Extra Pension amount.

If you reach state pension age before April 2016 it is (1/5)% per week of deferral provided you defer for at least 5 weeks. That's 10.4% per year

If you reach state pension age after April 2016 it is (1/9)% per week of deferral provided you defer for at least 9 weeks. That's almost 5.8% per year.

33Lurcher

Thanks for the replies , yes I was aware of the reduction from 10.4% to 5.8% for the extra pension amount (my mistake saying interest) .
It was the table as shown in the link I posted that outlines the extra pension earned as a weekly amount after each year deferred .

LXdaddy

33Lurcher wrote: »

Thanks for the replies , yes I was aware of the reduction from 10.4% to 5.8% for the extra pension amount (my mistake saying interest) .
It was the table as shown in the link I posted that outlines the extra pension earned as a weekly amount after each year deferred .

I was expecting to see the October 2014 booklet by following your link but what actually came up for me was https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/525362/state-pension-deferral-if-you-reached-state-pension-age-before-6-april-2016-extra_information.pdf


Which is quite different and doesn't contain any of the example tables.

33Lurcher

Looks like they may have removed that Oct 14 Booklet , just clicked on the one I keep and as you say the above link now shows , maybe they will provide an updated booklet soon .