deferring pension

stodgy88

hello, I am 65 next july ,but not sure what is the best option regarding my pension,at the moment I earn £300 per week working as a care assistant and can continue after I am 65,but I have only paid N.I for around 10 years of my working life (Lived abroad) and not sure about deferring my pension or taking it (from a tax point of view ) thanks in advance for any help.

xylophone

regarding my pension,

Do you mean your state pension?


Have you obtained a state pension statement?

https://www.gov.uk/check-state-pension

And see https://www.gov.uk/new-state-pension/living-and-working-overseas

If you’ve lived or worked in another country in the past, you might be eligible for that country’s state pension and a UK State Pension.

https://www.litrg.org.uk/tax-guides/pensioners-and-tax/how-my-tax-collected

You may prefer to defer your state pension until you give up work.

https://www.gov.uk/deferring-state-pension/what-you-get

stodgy88

thanks for reply, if I take the pension straight away,i presume it will added to my wages and taxed,but say I left it for a couple of years ,then finished work,it would be tax free. might seem obvious but it,s all new to me thanks.

maximumgardener

you need to check the rules applying with your pension provider/s?

you are correct that any pension income is added to other income and it is all taxed
accordingly

xylophone

thanks for reply, if I take the pension straight away,i presume it will added to my wages and taxed,but say I left it for a couple of years ,then finished work,it would be tax free. might seem obvious but it,s all new to me thanks.

Suggest you read the links in my post above.

stodgy88

thanks had a good read,and all is clear .