State Pension Deferal
State Pension deferral simply means delaying your State Pension when you reach your normal State Pension age, or choosing to stop claiming it after you have already claimed it. This allows you to build up extra income or a taxable lump-sum payment.
You might do this if your income was placing you into a higher rate tax position.
The State Pension age is set by law and is 60 for a woman born on or before 5 April 1950 and 65 for a man. You cannot get your State Pension before State Pension age, even if you retire from your employment before State Pension age. For women born on or after 6 April 1950, State Pension age will begin to increase from April 2010 so that by 2020, both men and women will have the same State Pension age of 65.
You might do this if your income was placing you into a higher rate tax position.
The State Pension age is set by law and is 60 for a woman born on or before 5 April 1950 and 65 for a man. You cannot get your State Pension before State Pension age, even if you retire from your employment before State Pension age. For women born on or after 6 April 1950, State Pension age will begin to increase from April 2010 so that by 2020, both men and women will have the same State Pension age of 65.
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