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Author Topic: Deffered Pension  (Read 1159 times)

lindy

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Deffered Pension
« on: Feb 22, 2020, 10:06:39 PM »
Hello I am new to this forum.
I have deffered mypension for 10 years and I would like to know if anyone else has done this.
I know that I have a large sum of money accrued,but what they can't tell me is how much extra pension I would get if I did not withdraw the lump sum.Has anyone any idea?
Thanks Lindy.
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Diasi

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Re: Deferred Pension.
« Reply #1 on: Feb 22, 2020, 11:52:58 PM »
This site should be able to answer your question.

https://bit.ly/39T8aCL
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Diasi

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Re: Deferred Pension.
« Reply #2 on: Feb 24, 2020, 06:10:24 AM »
Quote from: lindy on Feb 22, 2020, 10:06:39 PM
Hello I am new to this forum.
I have deffered mypension for 10 years and I would like to know if anyone else has done this.
I know that I have a large sum of money accrued,but what they can't tell me is how much extra pension I would get if I did not withdraw the lump sum.Has anyone any idea?
Thanks Lindy.

Just a tip for asking any future questions.

You have to be specific as none of us know what pension you're asking about so is it a private pension of the State Pension?

If it's the State Pension then this link should answer your question.

https://www.gov.uk/deferring-state-pension/what-you-get
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mick607

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Re: Deffered Pension
« Reply #3 on: Feb 24, 2020, 09:04:03 AM »
Ask Brian 54 he'll know.
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klondike

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Re: Deffered Pension
« Reply #4 on: Feb 24, 2020, 09:05:39 AM »
He might even give a discount. He only provides free advice to the homeless.
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Diasi

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Re: Deferred Pension.
« Reply #5 on: Feb 24, 2020, 09:59:38 AM »
Quote from: mick607 on Feb 24, 2020, 09:04:03 AM
Ask Brian 54 he'll know.

I'm surprised he hasn't jumped onto this one.
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Make every day count, each day is precious.
"Death leaves a heartache no one can heal, love leaves a memory no one can steal".  (Cassandra)

klondike

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Re: Deffered Pension
« Reply #6 on: Feb 24, 2020, 10:09:11 AM »
Brian doesn't actually appear to know anything much about private pensions other than him having one is nice and gives him cause to disparage those who don't.
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mick607

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Re: Deferred Pension.
« Reply #7 on: Feb 24, 2020, 10:57:03 AM »
Quote from: Diasi on Feb 24, 2020, 09:59:38 AM
I'm surprised he hasn't jumped onto this one.
He's busy talking to Andy & Peter.
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BazzerPontefract

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Re: Deffered Pension
« Reply #8 on: Feb 26, 2020, 10:49:17 AM »
Quote from: lindy on Feb 22, 2020, 10:06:39 PM
Hello I am new to this forum.
I have deffered mypension for 10 years and I would like to know if anyone else has done this.
I know that I have a large sum of money accrued,but what they can't tell me is how much extra pension I would get if I did not withdraw the lump sum.Has anyone any idea?
Thanks Lindy.
Lindy,
Your state pension increases by 10% of your state pension rate. So on the 10th anniversary  of deferring your pension you'll get 100% extra on your tate pension rate.
Sounds good, well no.
If you can manage without a state pension you'll have income at or above the BR tax threshold, so paying tax now.
You'll pay tax on your state pension too, both bits, statutory bit and differed bit.
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