1. What you may get

You may get extra money if you defer your State Pension. You could get this as either extra State Pension or a lump sum payment.

Extra State Pension

If you put off claiming your State Pension for at least 5 weeks you may earn extra State Pension. Your State Pension will increase by 1% for every 5 weeks you put off claiming. This is the same as 10.4% for every full year you put off claiming.

If you get the full State Pension of £113.10 per week, your basic State Pension will be £5,881.20 a year. By deferring for a year, you’ll get an extra £611 (10.4% of £5,881.20).

Once you claim your State Pension, any extra State Pension you have built up will usually increase each year.

Lump sum payment

If you put off claiming your State Pension for at least 12 months in a row, you may choose to get a one-off lump sum payment. This will include interest of 2% above the Bank of England base rate.

Your extra State Pension counts as income and you have to pay tax on it. Your lump sum is taxed at the highest tax rate that applies to your other income.

Get help and advice

Find an Information Point to get face-to-face advice or leaflets about the State Pension.

You need to make an appointment to get face-to-face advice.

You can also download guidance notes on State Pension deferral.

Help us improve GOV.UK

Please don't include any personal or financial information, for example your National Insurance or credit card numbers.