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Article: Lump sum offer for delayed pension claim.

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Financial Advisor
Article date:
March 4, 2004
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A LUMP sum looks set to be made available to pensioners who delay collecting their state pensions.

Pensioners who opt to defer taking up their state pension are set to receive a lump sum with an interest rate calculated at least 2 per cent above the Bank of England base rate as part of the government's Pension Bill proposals.

Andrew Smith, secretary of state for work and pensions, said last week the interest rate would guarantee a good deal for people who wanted to work longer, but the state pension age would be kept at 65.

The option to build up a lump sum by postponing the state pension would see a man with the average AGBP100 a week of ...

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