State Pension – Quotation

Jeff_Astle

I am considering applying for my state pension in the next few months. I am currently aged 67 and have delayed taking my state pension so far as I am still working – now moving towards part time – and I wanted to allow my pension pot to grow a little more.
When I do apply for my state pension do I receive an actual quotation? and I am obliged to accept it? I am thinking I may decide to delay another 3 to 6 months.
I understand that you can request an pension quote direct from DWP but I understand I am only able to do this once every 12 months, and I have already done this (last Summer); so my questions deals specifically with the quotation before proceeding with my pension.

eskbanker

My understanding is that a state pension entitlement increases at a rate of 1% per 9 weeks while deferred, together with the annual increases (i.e. 8.5% from next month), so you should be able to work out what your revised amount is from your previous quote, for any start date you choose?

blue.peter

You might find it helpful to talk to the Future Pension Centre (part of the DWP) on 0800 731 0175. Answering questions like this is what they do. FWIW, I phoned them at 08:00 last Monday morning with a question about my state pension. I got through very quickly (three menus, IIRC, and next to no wait time after that). The fellow I spoke to was very helpful and pleasant.

xylophone

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

What exactly did your state pension forecast  show as estimate to 5/4/23?

Jeff_Astle

Thanks very much everyone for replying. Yes, I am aware of the rate of increase. As I am still working there has been no great pressure on me taking my state pension but I do realise that I am not going to live forever so I may as well start taking it soon, even if I am paying more tax.

The quotation I received from DWP last year was for dated for mid February 2024 and this was £202.64 per week (for a while I did opt out of SERPS, so the pension was a little less than what would be the current standard rate of £203.85). So I thought I would leave it a little longer (to mid April) when my entitlement may have caught up. But I would just like to know for certain – hence my original question, does anyone know – once I have applied – do I get a quotation in advance? and I am entitled to decline it and leave it a little longer? and what would be the rules surrounding this (if any)?

xylophone

When did you actually reach SPA? Was it last summer or this February?

Did you receive an invitation to claim your state pension?

If you claim your pension then it will come into payment.

 As I understand it from previous posts from deferred state pensioners, (although admittedly these were "old system" pensioners) you can't just keep making enquiries as to how much the SP has reached currently or would reach if you continued to defer. 

 In your particular case as a" new system" pensioner, and deferring for under two years, it would seem simple enough to make a reasonable stab at it yourself?

https://www.which.co.uk/money/pensions-and-retirement/state-pension/deferring-your-state-pension-aksco6V6rnhQ

molerat

I believe the only way to get a "quotation" is to contact the FPC who will tell you but that may not be the actual amount as that would be finally calculated on application.  You would normally just apply and then later receive a letter telling you how much you will receive and the date it will be paid.