



Can I Postpone My Retirement Age?
I’m worried I won’t have enough money in my pension savings when I stop working, so I’m thinking of postponing my retirement age. Is this something I can do?

Answered by Neil Adams
Putting Off Until Tomorrow: Delaying Your Pension
Usually yes, but it depends on the rules of the particular pension scheme you belong to. Most employers give a ‘normal pension age’ which is the age when employees typically retire. This is generally 65, but can be 60.
If you want to take your pension later than your normal pension age, you will have to check whether your particular scheme allows this. If it does, the pension you receive should increase because it’s being paid later. If you take your retirement income early, then the amount you receive may be reduced.
Postponing your State Pension
You can postpone defer receiving the State Pension, which is known as ‘deferring’. The way this works depends on when your state pension age is.
If your state pension age was on or before April 5, 2016, then you can take your deferred state pension as either higher weekly payments or a cash lump sum.
For those due to retire on or after April 6, 2016, the lump sum option after a year of deferrals no longer exists. That means the only option you have is higher weekly payments for deferring your state pension.
Before postponing your retirement age, it’s a good idea to sit down and work out exactly how much income you’ll have in retirement. This will help you decide when you can afford to stop work.
Frequently Asked Pensions Advice Questions

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