State pension UK: Payments can be boosted after being claimed – deferment rules explained
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State pension payments can be as high as £175.20 per week for those who have collated at least 35 years of National Insurance contributions. However, the payments can be even higher than this if retirees decide to defer claiming their pensions.
State pensions will increase every week a person defers, so long as they defer for at least nine weeks.
The payments will rise by the equivalent of one percent for every nine weeks of deferment.
This will work out at just under 5.8 percent for every 52 weeks.
The extra amounts will be paid in with the regular state pension payments.
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Deferment rules can also be taken advantage of by those who are already claiming their state pensions.
If a person is already receiving their state pension, they can stop being paid for a while to earn extra amounts when they start getting paid again.
For the extra amounts to be applicable, a claimant will need to ensure they pause their payments for at least nine weeks.
Those who would like to do this will need to call the Government on 0800 99 1234 to tell them to stop paying the state pension.
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Claimants will need to tell the Government the exact date they want to stop claiming.
This cannot be a date in the past or more than four weeks in the future.
It should be noted that state pension payments can only be paused once when they’ve been claimed, meaning retirees will need to think carefully about what’s right for them.
State pensions claims themselves can be put off for as long as a person likes.
When a state pension is initially claimed, the first payment may not come through for around five weeks.
Beyond this, the payments will come through every four weeks.
The payments themselves usually fall on the same dates every month but they can be paid early should they fall on a weekend or bank holiday.
The day a person’s pension is paid will be dependent on their National Insurance number.
The last two digits of a person’s National Insurance number will determine when the payments arrive, as detailed below:
- 00 to 19 – Monday
- 20 to 39 – Tuesday
- 40 to 59 – Wednesday
- 60 to 79 – Thursday
- 80 to 99 – Friday
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