The Department for Work and Pensions (DWP) has warned those who are approaching State Pension age that they will not start receiving their payments automatically when the time comes.
State Pension age is the earliest age you can start receiving your pension payments - the age you will qualify depends on when you were born, but for people reaching State Pension age now this is age 66 for both men and women. For those born after April 5, 1960, there will be a phased increase in State Pension age to 67, and eventually 68 for people born later.
Once you reach the qualifying age, however, you will not see State Pension payments land in your account unless you put in a claim, DWP has warned. Those eligible should receive a letter no later than two months before they reach State Pension age, which will give them instructions on how to do so.
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The full new State Pension is £185.15 a week, usually paid every four weeks, but this amount could increase if you choose to defer. The new State Pension is based on your National Insurance record when you reach the eligible age - you will need 35 qualifying years on this record to get the full amount, though you may be able to top this up with voluntary contributions if you fall short.
Recipients can instead choose to defer their pension if they wish, which could increase the payments they receive when they do decide to claim. According to DWP, your State Pension increases by the equivalent of 1% for every nine weeks you defer, working out at just under 5.8% over the course of a year.
This means, for example, that if you defer for a year, or 52 weeks, you will get an extra £10.70 a week on top of your £185.15 when you do claim. Your State Pension will automatically be deferred until you put in a claim for it, the gov.uk website explains, so if you wish to defer you do not need to do anything.
If you want to start receiving your State Pension payments now, the quickest way to claim is by applying online, though alternatively you can phone the Pension Service on 0800 731 7898 to get a claim form posted out to you. You can still claim your State Pension even if you plan to carry on working.
If you are due to reach State Pension age within the next three months, you don't have to wait for your letter to arrive - you can still put in a claim. To do this, you will need to request an invitation code via the gov.uk website which will be sent out to you within five days to use in your claim as a protection against fraud.
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