Hi All
I wasn't sure whether this is best in the 'pensions' or the Tax avoidance, so if wrong apologies in advance, but here & I am hoping for the best... and sorry about long post..
but I'm a bit confounded by the variables when considering deferring my SP.
I've been drawing SP for 18 months, now £7k pa, contracted out most of working life. It can it still be deferred?
In addition have a straight line annuity pension of £10.7k pa.
I have taxable savings income including some P2P interest of c. £10k pa.*
So - please sense check this hypothesis & tell me if anything is rubbish and maybe clear up any doubts or incorrect assumptions. Help much appreciated

:
Deferring SP would allow me the starting rate for savings and save £1k a year in tax, £5K @20%?
However, I'd be worse off per year of SP which would be basic rate taxed so £7k x0.8 = £5.6k
So 'loss' pa = £4.6k. (£5.6k less £1k tax 'gain') clawed back in future at the enhanced rate for deferment.
My understanding is SP will be enhanced by 5.8% for each year deferred?
So assuming no rule changes and disregarding SP increases, for say, two years deferment...
2 x £4.6k = £9.2k lost, recouped at the rate of SP £7K x 5.8% x2 year deferred =£0.812k x 0.8 for tax =£ 0.65k pa
9.2k/0.65 = 14.15
= c.14 years to recoup total 'lost' SP funds? After which I stand to gain the £650 pa for the extent of my survival?
Is this all correct?
*Note: I'm adequately exposed to S&S - all sheltered in my (untouched) SIPP & S&S ISA, no other income.