State pension deferrals: 42,000 who postponed took benefit in 2023/24

FoI request from provider Royal London

Jenna Brown
clock • 3 min read

Just under 42,000 people who had previously delayed taking their state pension took up the benefit option in 2023/24, official data showed.

A freedom of information request (FoI) from Royal London showed 41,938 people claimed a previously deferred state pension in 2023/24, with higher payments as a result. It added that the figure was down by more than a fifth (22%) on the previous year, when it stood at 54,037. The provider said that, according to the data, just over 10,000 people had postponed their state pension for five years or more. While 4,435 delayed by ten years or more. Royal London said the average deferral rate was four years, "giving those who deferred for this length of time up to approximately £50 extra ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Alltrust acquires Phoenix Wealth Family Suntrust schemes

Alltrust acquires Phoenix Wealth Family Suntrust schemes

Completion expected later this year

Jenna Brown
clock 29 April 2026 • 1 min read
Government proposes further concession on Pension Schemes Bill mandation

Government proposes further concession on Pension Schemes Bill mandation

Amendment covers pension schemes seeking an exemption

Holly Roach
clock 27 April 2026 • 2 min read
HMRC repays £44.1m in overpaid pensions tax in Q1

HMRC repays £44.1m in overpaid pensions tax in Q1

Total amount recouped by savers since 2015 is close to surpassing £1.6bn

Martin Richmond
clock 27 April 2026 • 4 min read