The DWP has announced the new increase rate for deferring state pension for those reaching state pension age after 5 April 2016.
Instead of the current annual increase rate of 10.4% (1/5% a week), the new rate will be just under 5.8% (1/9% a week).
The Government Actuary’s Department advice was that 5.7% would be the “lowest value of actuarially fair rate of increment”. For more information please click here.
If you need expert advice what this might mean to you when reaching the state pension age please get in touch with one of our expert independent financial advisers.