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New State Pension pay delay warning for older people due to retire this year

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dailyrecord.co.uk

The latest statistics from the Department for Work and Pensions (DWP) show the State Pension currently provides regular financial support for nearly 12.7 million older people across the country, including over one million retirees living in Scotland.

This payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.

However, many people approaching the official retirement age this year may not be aware this contributory benefit is not paid automatically by the DWP and needs to be claimed - or they could miss out on payments of up to £221.20 each week.

The money is not paid automatically when someone reaches State Pension age as some people choose to defer making a claim in order to keep working and generate more towards their pension pot, especially if they have not paid the full quota of 35 years' worth of National Insurance Contributions, or were 'contracted out'.

Read more on dailyrecord.co.uk
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