State Pension Lump Sum or not.

Brian65

As I understand it. If you reached State Pension Age before 6th April 2016 you could get an extra 1% for every 5 weeks you defer taking it. This is a very generous deal for most people.
But if like me you reach state pension age after 6th April 2016 the benefit of deferring it falls dramatically to 1% for every 9 weeks.

POPPYOSCAR

mgdavid wrote: »

A shame you didn't say this in your opening post. What other pertinent information have you not yet told us? Without knowing your full circumstances and objectives it is impossible to give guidance. (not 'advice' as that is a regulated activity).
The quote above is also contradictory; you say

'I am going to take the lump sum out soon'
then
'I can take it out now or leave it in a few more months or years'.

Well going by another thread the OP is a beneficiary from his late brother's estate which is over the IHT threshold .

atush

ZZaffy wrote: »

Wished I'd never asked. Post closed.

Dont be stupid.

If you deferred before April 2016, then your State pension will go up by 10.something % each year, prorated for times of less than a year. So shold be more than 40% highr than han you came to pension age.

Do you have a good amount of savings? Will t he higher pensions be better than the lump sum in giving you income (most likely). Are you of good halth and likely to live to a good age?

Do you have any private pensions? As you still work, you should do.