State pension: Those planning retirement this year warned not to make error that will delay payments

People intending on retiring in 2023 have been warned to avoid a crucial mistake that could delay their payments.
People intending on retiring in 2023 have been warned to avoid a crucial mistake that could delay their payments.

The Department for Work and Pensions has shared a warning to those intending to begin receiving their state pension this year

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People intending on retiring in 2023 have been warned to avoid a crucial mistake that could delay their payments.

The Department for Work and Pensions warned those about to reach the state pension age that they will not automatically start receiving their money unless they put in a claim.

Earlier this month, it was revealed that there may be an increase to the state pension age.
Earlier this month, it was revealed that there may be an increase to the state pension age.

At present the state pension age is 66 and is due to rise to 67 in 2028 and then to 68 between 2044-2046.

Two months before reaching the state pension age, those eligible will receive a letter from the DWP detailing the actions they must take in order to begin receiving payments.

If the individual does not follow the steps set out they could see a delay in the payments beginning to come through.

The amount you could receive from your state pension varies on how long you defer the payments for but the basis is £185.15 a week, paid once a month.

The current state pension age is 66 in the UK but will rise soon.
The current state pension age is 66 in the UK but will rise soon.

To get the full amount an individual must have 35 years on your National Insurance Record.

Earlier this month, it was revealed that there may be an increase to the state pension age.

Ministers are waiting for the findings of a new report which considers whether or not to increase the national retirement age earlier than initially forecast.