Millions of older Britons have been reminded that reaching state pension age does not automatically trigger payments, with retirees required to actively claim the benefit before any money is paid into their bank account.
Failing to submit a claim could leave eligible pensioners missing out on up to £241.30 a week, equivalent to £965.20 every four weeks under the full new State Pension.
According to the Department for Work and Pensions (DWP), around 13.2 million people currently receive the State Pension.
The benefit is contributory, based on an individual’s National Insurance record, and most people need at least 10 qualifying years to receive anything.
The DWP contacts people shortly before they reach State Pension age to explain the next steps, with letters sent no later than two months before eligibility.
Official guidance states: “You do not get your State Pension automatically – you have to claim it.”
Recipients can choose to claim immediately or defer.
Those who do nothing are treated as having opted to defer, meaning no payments are made until a formal claim is submitted.
State pension warning: Retirees must claim payments or miss out on £241.30 a week
|
GETTY
Some people defer because they continue working or want to improve their financial position before drawing their pension.
Under current rules, the State Pension increases by one per cent for every nine weeks it is deferred, equivalent to just under 5.8 per cent for a full year.
The uplift is added once the pension is claimed, though the additional income may be taxable depending on circumstances.
Deferred increases are uprated by CPI inflation rather than protected by the Triple Lock. The reminder comes as the State Pension age continues to rise.
GB NEWS
The increase from 66 to 67 began in April and will be completed by 2028, following legislation passed in 2014.
A further rise to 68 is planned for the mid‑2040s.
People unsure about their entitlement can use the Government’s online State Pension forecast service, which provides an estimate of future payments, confirms State Pension age and highlights any steps that could increase entitlement.
Users can also review their National Insurance record to identify any gaps that may affect the amount they receive in retirement.