I only found out it was possible when told by a friend last week. Apparently it works out at an increase of almost 6% for every 52weeks, although I don’t know if that can vary up or down. Obviously that includes any increase that you would normally get if you didn’t defer.
That might work for me. Due my pension, aged 66, in July. No current earnings, drawing down the max single persons allowance each year from my remaining private pension, less a small amount for ( decreasing) BS interest. Paying no tax. If I defer my pension I can continue drawing down almost the max tax free allowance until it’s all gone in a few years.
I’m spending hardly any money at the moment..normally I’d be returning next week after 12 weeks in Spain. The 3 walking holidays with friends, up to the end of June, are all cancelled with no likelihood of returning overseas anytime soon.
It would be a bitch if I croaked before getting some state pension though.
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