A recent study conducted by later-life financial specialists Just Group surveyed 1,050 retired and semi-retired individuals.
A state pension warning has been issued to anyone who’s aged between 55 and 64. A recent study conducted by later-life financial specialists Just Group surveyed 1,050 retired and semi-retired individuals.
The data revealed that one in four people aged 55 to 64 (25%) are unaware they have the option to defer their State Pension. Currently, the State Pension age in the UK stands at 66 for both men and women.
However, under existing government plans, from the Labour Party government, this will rise to 67 between 2026 and 2028. For those entitled to the New State Pension (available to individuals who reached retirement age after April 6, 2016), deferring payments can result in a meaningful financial boost.
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By delaying their claim, pensioners receive an increase of 1% for every nine weeks of deferral—equivalent to nearly 5.8% extra per year.- In the 2025/26 financial year, the full New State Pension is valued at £230.25 per week.
Therefore, anyone deferring their pension by one year would see their weekly payments increase by approximately £13.35, adding up to an additional £694.20 annually.
For individuals who reached retirement age before April 6, 2016, and are eligible for the Basic State Pension, the benefits of deferral are even more generous. They accrue an additional 1% for every five weeks they postpone their claim.
This equates to a 10.4% yearly increase, or £954.20. This additional income can be received either as enhanced weekly payments or taken as a lump sum.
The Just Group research also highlighted disparities in awareness. Women were significantly more likely than men to be unaware of the deferral option, with 26% of women compared to 19% of men reporting they did not know it was available.
Additionally, 26% of people aged 75 and over were also unaware that deferring the State Pension was possible.
