How to get a forecast for a Deferred UK State Pension for people born before 1950.

Bubble02

I want to get a forecast for a Deferred UK State Pension. Looking on-line I cannot find anywhere on GOV sites that will help me with this. I was born before 1950. Can anyone help me with this?

If actually given a forecast or claiming the deferred pension is there anyway to check whether you are then getting the correct amount?

xylophone

https://www.gov.uk/deferring-state-pension/how-to-claim-a-deferred-state-pension

If you have deferred for more than a year, you need to call the Pension Service to claim.

You won't get a forecast.

https://www.litrg.org.uk/tax-guides/pensioners/what-state-pension-deferral

If you reached state pension age before 6 April 2016

If you reached state pension age before 6 April 2016, a deferral in claiming it would give you two possible options when you decide eventually to claim it:

Extra state pension

You can earn extra state pension at 1% of the weekly pension for every five weeks you put off claiming. You must have put off claiming for at least five weeks to get extra state pension.

For example, if you deferred your state pension of £100 for the minimum period of five weeks, your state pension would have gone up to £101 a week from week six when you started to take it.

Lump sum payment

You can choose to take a lump sum rather than an increased rate of pension. The amount of the lump sum is the amount of state pension not claimed plus interest which is added each week and compounded. The rate is roughly 2% above the Bank of England's base rate. To get a lump sum, you have to put off claiming your state pension for at least 12 consecutive months.

https://www.taxadvisermagazine.com/article/lump-sums

Ganga

xylophone said:

https://www.gov.uk/deferring-state-pension/how-to-claim-a-deferred-state-pension

If you have deferred for more than a year, you need to call the Pension Service to claim.

You won't get a forecast.

https://www.litrg.org.uk/tax-guides/pensioners/what-state-pension-deferral

If you reached state pension age before 6 April 2016

If you reached state pension age before 6 April 2016, a deferral in claiming it would give you two possible options when you decide eventually to claim it:

Extra state pension

You can earn extra state pension at 1% of the weekly pension for every five weeks you put off claiming. You must have put off claiming for at least five weeks to get extra state pension.

For example, if you deferred your state pension of £100 for the minimum period of five weeks, your state pension would have gone up to £101 a week from week six when you started to take it.

Lump sum payment

You can choose to take a lump sum rather than an increased rate of pension. The amount of the lump sum is the amount of state pension not claimed plus interest which is added each week and compounded. The rate is roughly 2% above the Bank of England's base rate. To get a lump sum, you have to put off claiming your state pension for at least 12 consecutive months.

https://www.taxadvisermagazine.com/article/lump-sums

Plus you can take the lump sum at your normal tax rate ,ie if a non tax payer you could / can take large amounts of income tax free.