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Old 5 Nov 20, 08:41 PM  
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Mr Tom Morrow
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Do I take My Old Age Pension Next Year?

Had the letter today!

Pension due for payment next February when I am 66. Now I haven't paid any NI for the last 9 years as I couldn't be bothered albeit I can top up if I wish for a good few of those years.
Financially it's not worth it when I do the calculations.

However every year I defer this Pension it rises by 10%.

Have many done this?

My thoughts have always been 'A bird in the hand is worth 2 in the bush'

Just some thoughts please.
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Old 5 Nov 20, 08:44 PM  
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disney332
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My advice is exactly as you have stated Tom. You will live longer at age 66 than age 67..so on and so forth.

You need 35 years of NI to get the full amount. I am sure you must have done that?

I would milk it

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Old 5 Nov 20, 08:48 PM  
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Mr Tom Morrow
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Originally Posted by disney332 View Post
My advice is exactly as you have stated Tom. You will live longer at age 66 than age 67..so on and so forth.

You need 35 years of NI to get the full amount. I am sure you must have done that?

I would milk it

Disney332
I worked from 15 until 55 but the online calculator says due to my DOB I'm not entitled to a full Pension.

Maybe I will PM you as you know this stuff. I don't!
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Old 5 Nov 20, 08:53 PM  
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EssexSue
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Originally Posted by Mr Tom Morrow View Post
Had the letter today!

Pension due for payment next February when I am 66. Now I haven't paid any NI for the last 9 years as I couldn't be bothered albeit I can top up if I wish for a good few of those years.
Financially it's not worth it when I do the calculations.

However every year I defer this Pension it rises by 10%.

Have many done this?

My thoughts have always been 'A bird in the hand is worth 2 in the bush'

Just some thoughts please.
We none of us know how long we have left, take it asap.
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Old 5 Nov 20, 08:57 PM  
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tocpe321
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Originally Posted by EssexSue View Post
We none of us know how long we have left, take it asap.
Agreed. When I left my long time work I took the maximum lump sum.
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Old 5 Nov 20, 09:03 PM  
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I’d check those figures on the website Tom...
gov.uk/deferring-state-pension/what-you-get
They quote 5.8% for the year, or £10 a week extra... the state pension is £9100 a year, so basically you’d need 18 years to recoup what you’d gain by deferring...
The old system allowed you take it as a lump sum with interest which was much more appealing...
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Old 5 Nov 20, 09:03 PM  
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personally, i would defer for a year or 2, that 10 - 20 rise would be very nice

i guess you are not on the breadline
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Old 5 Nov 20, 09:04 PM  
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EssexSue
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Originally Posted by tocpe321 View Post
Agreed. When I left my long time work I took the maximum lump sum.
Me too.
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Old 5 Nov 20, 09:06 PM  
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Mr Tom Morrow
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Originally Posted by EssexSue View Post
Me too.
And me. Mind you they were glad to get shot of me!
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Old 5 Nov 20, 09:11 PM  
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Pumpkin Pie
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It also depends in your NI contributions during your working years - if you were contracted in or out as that has impact on state pension. Both my husband and I were over the qualifying years for a full pension but neither of us receives it as we were both contracted out at one point over the years.
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