Majority lose £19k by shunning state pension deferral, research

A freedom of information request by the fund managers to the Department for Work and Pensions (DWP) showed 92% of people drew the state pension immediately in the six months to February last year. If those reaching the state pension age before April next year follow suit, they could lose out on increments of 10.4% per year under current rules. This is because under rules applicable to men born before 6 April 1951 and women born before 6 April 1953, the state pension increases by 1% for every five weeks retirees put off claiming. Under new rules effective from 6 April next year the ...