Nearly half (47 per cent) of 55-64 year olds are unaware that they can defer the State Pension to claim a higher weekly guaranteed, inflation-linked pension, according to research by Just Group.

The analysis also revealed that just over one in ten (12 per cent) of those aged 65 and over had already deferred their state pension.

Whilst this proportion was higher amongst women, with 16 per cent having already deferred their state pension, it fell to just 9 per cent for men.

Those who are semi-retired were most likely to have deferred their State Pension however, with almost a quarter (22 per cent) of this subset having already deferred, compared to just 11 per cent amongst those who have fully retired.

The firm emphasised that with the current pandemic “likely to have impacted the financial plans of many of those approaching retirement", it is “especially important” that people have a full awareness of the options available.

Just Group group communications director, Stephen Lowe, added: “Deferring state pension is an important option for the rising number of over-65s in good health and who plan to carry on working.”

“It needs to be factored into people’s financial planning in the run-up to retirement so it is worrying that such a high number of people aged 55-64 don’t know that there is a degree of flexibility around when and how they take their state pension.”

The findings come alongside a record number of people taking flexible payments of their workplace pensions, while analysis from IRN Research has suggested that a rise in partial retirement will see a rise in individuals taking only part of their workplace pension cash.

Share Story: