9 years Deferred Pension

badmemory

Exactly when in 1950 were you born - before April 6th or after.  Before = basic state pension & after = new state pension.  This can make a massive difference.  Whilst I believe your starting amount will be the same, before that date then your increases will have been 1% for every 5 weeks & after will be 1% every nine weeks.  Whilst it is unlikely that your starting amount was just either of the 2 it does affect the increases.  Also any additional pension does not always increase in the same way with the annual uplifts & everything over the basic rates is additional pension.

I'll wait to be corrected.

p00hsticks

badmemory said:

Exactly when in 1950 were you born - before April 6th or after.  Before = basic state pension & after = new state pension.  This can make a massive difference.  Whilst I believe your starting amount will be the same, before that date then your increases will have been 1% for every 5 weeks & after will be 1% every nine weeks.  Whilst it is unlikely that your starting amount was just either of the 2 it does affect the increases.  Also any additional pension does not always increase in the same way with the annual uplifts & everything over the basic rates is additional pension.

I'll wait to be corrected.

Anyone, male or female, born in 1950 will have reached state Pension age prior to the introduction of the new state Pension on April 6th 2016 and so will fall under the old rules. 
Check your State Pension age - GOV.UK (www.gov.uk)

najan49

badmemory said:

Exactly when in 1950 were you born - before April 6th or after.  Before = basic state pension & after = new state pension.  This can make a massive difference.  Whilst I believe your starting amount will be the same, before that date then your increases will have been 1% for every 5 weeks & after will be 1% every nine weeks.  Whilst it is unlikely that your starting amount was just either of the 2 it does affect the increases.  Also any additional pension does not always increase in the same way with the annual uplifts & everything over the basic rates is additional pension.

I'll wait to be corrected.

Nobody born in 1950 would have turned 65 after 6 April 2016.

xylophone

Exactly when in 1950 were you born - before April 6th or after.  Before = basic state pension & after = new state pension.  

This is absolutely not correct.

Only those reaching SPA on or after 6 April 2016 will be in receipt of the new state pension.

The change on 6/4/2010 related to the age at which women became eligible to claim their state pension and to the number of years required to be eligible for a full basic state pension.

See

https://www.gov.uk/government/publications/state-pension-age-timetable/state-pension-age-timetable

https://www.taxation.co.uk/docs/default-source/file/np46-guide-to-state-pensions.pdf

The OP says that  he is 74 years old.  He was born in 1950  and reached SPA in 2015 under the Old State Pension Scheme.

His pension would have been based on his entitlement to Basic State Pension and Additional State Pension (comprising 

GRAD/SERPS/S2P).

There is information  in the 2008 NP46 cited above and in the 2014 edition (p37 onwards)

https://assets.publishing.service.gov.uk/media/5a7f5caded915d74e6229ffd/withdrawn-dwp026-state-pension.pdf

on deferring under the old scheme (including the lump sum option).

There is also information about inheritance of SP from a spouse.

See also

https://www.litrg.org.uk/pensions/state-pension/tax-state-pension/putting-deferring-claiming-state-pension

https://www.litrg.org.uk/pensions/state-pension/tax-state-pension/tax-deferred-state-pension-lump-sums

badmemory

Apologies - added 1950 & 66 not 65.  Thanks for the correction.  So the 1% every 5 weeks applies which is nice.  But the annual uplift still applies differently to the different parts.  Like last year with 8.5% & 6.7%  which I think throws people when they are trying to work out just what is what.

pandora205

Don't forget, certain professions were 'contracted out' thus reducing state pension entitlement.  I found that quite tricky to get my head around when mine was lower than expected.

Linton

RegoR said:

I have put off taking my state pension for the past 9 years, I am now 74,  I will get my first payment on Monday 29th of July.

I have been told my weekly pension will be £292.04, I assume that it’s the right calculation….is there anyway of checking what the calculation should be? (ie. Pension calculator)

I have also asked for my wife’s pension to be taken into account, unfortunate she died in January 2011 aged 58.5, before she could draw her pension. which I believe was due in July 2014

Also, I was hoping to have had a lump sum, I have not been offered one…..is that not available now?

When I see that the basic state pension for somebody now its £226 per month ?

It doesn’t seem to have improved my pension by deferring it for 9 years?

I appreciate that pensions are complicated subject but is it too late to do anything now to get a better return.

Many thanks

You numbers seem strange.  The figures given are normally per week, not per month.
It would seem that you reached State Pension Age before 6th April 2016.  In that case your SP should be raised by 10.4% per year (not cumulative) deferred. Or you should have the option of a lump sum.  The lump sum is generally a bad deal compared with the increased pension though given you have defered for a long time and may be in bad health health that may not be the case.

Also I believe you should inherit a part of your wife's pension depending on her NI payments and whether she was contracted-in.

So for pre 2016 StatePensions the canculation can be complex.

However you should have been given a lot more information showing the make-up of your SP. Is there any more you can give us?

badmemory

That is the rate for the new state pension & not the basic state pension which is only around 75% of the new state pension, but the deferred rates are higher, so after 9 years almost double.  Exactly 9 years would be 193.6%.  What was your starting amount?

RegoR

            

Dazed_and_C0nfused

RegoR said:

            

When you applied did you elect for a deferred State Pension lump sum?

Did you backdate your application?