What pension will I get if I defer it after April 6th

[madmac1]

Does anyone have personal experience of this?

I live in Thailand and I will hit retirement age at the end of this month.

If I choose to defer claiming until after the increase in April what weekly rate will I get?

Is it fixed at the rate applicable on your retirement age day or the day you start claiming.

Not asking about the small percentage based on length of time deferred but about the actual weekly pension rate.

I have asked the HMRC & DWP and been told 100% will get new rate and 100% will not. Very confusing!!

If you have personal experience or knowledge please let me know.

[BritManToo]

15 minutes ago, madmac1 said:

Is it fixed at the rate applicable on your retirement age day or the day you start claiming.

It's based on the date from which you choose to start taking your pension.

Alternatively, you could not tell them you live in Thailand and get an increase every year.

Edited January 20, 2023 by BritManToo

[CharlieKo]

deferring your pension won't get you the increase from April 6th. You only get what you would have got on your original retirement date. But if you don't have full pension contributions, it will increase the amount of pension you get by deferring receiving the pension.

[theoldgit]

19 hours ago, CharlieKo said:

deferring your pension won't get you the increase from April 6th. You only get what you would have got on your original retirement date.

That wasn’t my my experience, my 65th birthday was in late March, I deferred drawing my State Pension until April and was paid the new rate for that year.

 

The State Pension isn’t calculated by when you retire but by age, I retired at 60 and had already been drawing my Civil Service Pension for five years when l became eligible for my State Pension.

[BritManToo]

19 hours ago, CharlieKo said:

deferring your pension won't get you the increase from April 6th. You only get what you would have got on your original retirement date.

You're completely wrong.

[scubascuba3]

How many NI years have you contributed? you can find out by logging into your HMRC account

[Mutt Daeng]

Another important factor is whether you were "contracted out" of SERPS at any time. According to my NI record, I have 36 full years of contributions, but since I was contracted out of SERPS while working for local government, I don't get the full weekly amount.

[CharlieKo]

2 hours ago, BritManToo said:

You're completely wrong.

My birthday is early March. I deferred my pension for two months thinking I would get the increase from April. I did not get the new increase. But because I deferred for two months, those two months bumped up my pension a few quid. That is my experience of doing what the OP is thinking of doing. 

[madmac1]

Thanks for your feedback. Seems the conflicting info I got from the DWP is repeated here.

Some YES some NO.

[cleopatra2]

5 hours ago, madmac1 said:

Thanks for your feedback. Seems the conflicting info I got from the DWP is repeated here.

Some YES some NO.

I think this is due to the 2014 pension act being a bit ambiguous on this point. 

In Section 5 of the act  the weekly pension rate is determined upon the date the person reaches pension age. 

 

Section 16 and 17 allows for the pension payment to be suspended deferred. ( along with various benefits for doing so) 

Section 17 also allows the pension to increase by any annual increases ( uprating act). 

However it does not say if this applies to deferred overseas  payable pensions or not. I have not looked in the Uprating act for any clarification. 

 

Further info

 

Section 20 of the pension  act states overseas residents entitled to state pension do not receive the annual Uprating. 

 

This would imply that in order to defer a pension a person needs to be entitled to the pension. The annual Uprating do not apply to the deferred pension in these circumstances. 

 

 

 

Edited January 23, 2023 by cleopatra2

[lamyai3]

On 1/21/2023 at 9:45 AM, CharlieKo said:

My birthday is early March. I deferred my pension for two months thinking I would get the increase from April. I did not get the new increase. But because I deferred for two months, those two months bumped up my pension a few quid. That is my experience of doing what the OP is thinking of doing. 

The annual increase doesn't apply, there's a separate calculator used for deferrals after state pension age, equivalent to 5.8% pa.

 

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

[lamyai3]

On 1/21/2023 at 7:28 AM, Mutt Daeng said:

Another important factor is whether you were "contracted out" of SERPS at any time. According to my NI record, I have 36 full years of contributions, but since I was contracted out of SERPS while working for local government, I don't get the full weekly amount.

Yes new state pension can require anything between 35 and 47 years of contributions depending on how many years someone was contracted out. 

[scorecard]

14 hours ago, madmac1 said:

Thanks for your feedback. Seems the conflicting info I got from the DWP is repeated here.

Some YES some NO.

What country are we talking about?

If it's Australia. my first pension payment was the standard rate for that day, taking into consideration no of years from 16 and assets and income statement.

And I get the full 2 times per year cost of living adjustment.