State pensioners have been told they can get £916 extra by deferring your pension for an additional year.

State pensioners have the chance to add an extra £916 to their payments due to a lesser-known rule – but there’s a slight snag. State pensioners have been told they can get £916 extra by deferring your pension for an additional year.

Pensioners are eligible to claim the state pension at age 66, but this will increase to 67 in 2028, and eventually, 68 by 2048. If you opt to defer your state pension by a year, the total amount you receive when you do start collecting it will be higher.

Currently, for every nine weeks you delay taking your state pension, the payout increases by 1 per cent. This equates to a 5.8 per cent boost per year, or £666. These figures apply to those on the New State Pension, which is currently £221.50 per week but will rise annually in line with the Triple Lock.

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This means those who reach state pension age after April 6, 2016, will be eligible for the deferral boost. Those on the old state pension could see an extra 10.4 per cent added to their £169.50 state pension per week, resulting in a total of £916 extra per year.

The government explains: “You do not get your State Pension automatically – you have to claim it. You should get a letter no later than 2 months before you reach State Pension age, telling you what to do.” They add: “You can either claim your State Pension or delay (defer) claiming it.”

The government adds: “If you want to defer, you do not have to do anything. Your pension will automatically be deferred until you claim it.” Money Saving Expert founder Martin Lewis said: “If you’re 65 and still have an income (perhaps because you’re still working), yet are likely to drop a tax bracket later (when you actually retire, for example) – then this is the real boon of deferring your state pension.”