How to increase your pension by £600 a year revealed by experts

How much state pension a person gets per year be increased using a clever trick.

Deferring your state pension by a year can equate to an extra £600 in the bank.

Should you defer your payments? Experts at PensionBee explained all.

Pensions experts at Pensionbee told Express.co.uk: “Delaying your State Pension by just a few weeks could result in you receiving a higher weekly state pension amount, or even a lump-sum payment.

State pension: How much is the state pension?

State pension: What happen if you live or retire overseas?

State pension: How much will you can and can your increase it? Why should you defer payments?

“The amount you’ll qualify for depends on when you reach State Pension age.”

So, how much can you get by delaying your state pension?

If you reached State Pension age before 6 April 2016

Your State Pension will increase by around 1 per cent for every 5 weeks you defer, totalling 10.4 per cent for every full year.

Pensionbee experts said: “For 2018/19, the basic State Pension is £125.95 a week or £6,549.40 a year.

“If you delay taking your pension for just one year your State Pension will rise to £139.05 a week, or £7,230.60 a year.”

If you reached State Pension age before 6 April 2016 you could qualify for a lump sum payment if you defer claiming your State Pension for a minimum of 12 months.

That means you could take a lump sum of around £6,713 (including interest of 2 per cent above the Bank of England base rate), when you defer the