State pension warning as many miss out on boost of up to £540 - how to increase your sum

Samir SharmaJun 15, 2021Business

State Pension payments are available when Britons hit an eligible age and have built up enough National Insurance contributions. However, even when a person hits the full state pension sum, they may be looking for ways to boost the amount they receive. This is a possibility, however, new research has proven many are missing out due to a lack of awareness.

While in 2004, women made up 80 percent of those receiving extra pension, this has now dropped to 73.

The rising state pension age and other changes to the system may be some of the reasons for a lack of take-up of the deferral system.

Stephen Lowe, group communications director at Just Group, commented on the matter.

He said: “Deferring state pension is still available and is something that should be considered alongside other retirement options.

As a result, for every year a person chooses to put off claiming their state pension, a return of nearly 5.8 percent can be gained.

When looking at the full state pension sum of £179.60 per week, this could be a lucrative option for many retired people.

By deferring for a year, Britons could boost their annual income by approximately £540.

But for Mr Lowe, the figures on lack of awareness only go further in proving more support is needed for those approaching retirement.

He concluded: “It reinforces the message to people approaching retirement to take up their entitlement to the free, independent and impartial guidance the Government offers through the Pension Wise service.

“Although highly valued by people for increasing their understanding and helping them to avoid scams, too few people are receiving the Government backed service which means many thousands of people each year are at risk of making uninformed decisions.”

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