Exactly the same here, I'll have the wonga and have a nice meal out, once a week.....
Deferring state pension
- Thread starter linga
- Start date
i get that, what % does it increase for each year differed?
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- Location
- South Wales UK
linga
Member
- Location
- Ceredigion
If you defer and get a larger pension the annual percentage rise gets you a bit extra too compared to not deferring but no idea if that is worthwhile or not. I will probably take it as soon as possible but need to do the figures
- Location
- South Wales UK
Also how long your going to live to recoup any deferred values??
linga
Member
- Location
- Ceredigion
And what percentage annual increase there will be. And how future governments will tinker with pensions. Too many variables to be sure of anything
- Location
- South Wales UK
Money in your pocket is, at the end of the day ,money in your pocket.
ollie989898
Member
State pension? Surely been made illegal by now. Retirement age is what, 77 now?
I'd say keep working if at all possible- retirement is a vocation that seems to have a great deal of mortality attached to it.
I'd say keep working if at all possible- retirement is a vocation that seems to have a great deal of mortality attached to it.
use the state pension effectively go towards your tax bill, you will end with more money in your pocket, compared to deferring, i would expect.
ACEngineering
Member
- Location
- Oxon
State pension? Surely been made illegal by now. Retirement age is what, 77 now?
I'd say keep working if at all possible- retirement is a vocation that seems to have a great deal of mortality attached to it.
68 i think for me anyway
renewablejohn
Member
- Location
- lancs
Dont forget you could also be eligible for additional payments such as winter fuel allowance which you probably wont get if you defer. Have just retired this year and getting quite used to the pension but really feel for my cousins family as he was the same age as me and died last month. I am really gutted and wonder how it will work out for my kids as the pension age just keeps creeping up. My wife being one of those with pension age shifting from 60 to 66. I could easily have lost her to cancer two years ago but thankfully she is still with us.
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- Location
- South Wales UK
Pension credits if qualify too that allegedly opens up the doors to further raft of available payments if applicable.
Most of us older ones would of paid atleast 34 yrs of qualifying NI by now anyhow.
What sort of % gain do you see after say, 2 year deferrment?
- Location
- Limousin/Charentes toad land
.47 years for me, even with ten of those in France that still has me as 37 years paid into the uk system
Netherfield
Member
- Location
- West Yorkshire
I had a small pension mature 11 years ago, set up as an employees scheme, when we became partners it had to be left to grow without being able to add to it.
When it did come to maturity it would pay me about £600 per annum, accountant looked in to the details, had it been below £25,000 I could have had it all as a lump sum and no tax to pay, it came to £27k, taking it yearly meant the taxman would see it as income and take his share, so the advice was to defer it and let it grown, when I peg it the Mrs or my daughter can claim it tax free.
I've been told I'm getting £500 this year for fuel allowance. £790.80 a month state pension and come end of Jan Mrs N will get hers too. I reckon we've put enough in to have some back for once.
State pension isn't far off tax free allowance, indeed given projections, may soon exceed it.
Worth keeping in mind if planning for it.
- Location
- South Wales UK
Well it did.
My Mum was chuffed years ago as she had an increase in state pension.
Anyhow F me, that increase put people just over tax thresholds and thus more tax deductions than gained.
linga
Member
- Location
- Ceredigion
Claiming state pension and stopping working are two different things. I don’t think it’s tax efficient to stop working anyway.State pension? Surely been made illegal by now. Retirement age is what, 77 now?
I'd say keep working if at all possible- retirement is a vocation that seems to have a great deal of mortality attached to it.
linga
Member
- Location
- Ceredigion
Think it’s 1% for every 9 weeks deferred. Works out at about 5.8% a year from memory of what I read this morning. But I might have read it wrong being now of advanced years !!
Oliveau
Member
- Location
- Indre et Loire, France
I think its nearer 10% pa. I deferred mine by 5 years and the extra pension certainly makes a difference