{mosimage}As life expectancy increases, it is possible that retirement will become something some of us will not be able to afford. So the earlier you can start planning for your retirement, the better.

You are under no obligation to retire at the State Retirement Age. If you want, you can delay the drawing of your state pension. During the period that you defer receiving your State Pension it will be increased, so that once the pension is started the weekly payment will be higher than would have been the case at your State Pension Age.

The start date of receiving benefits from Private Pensions cannot normally be extended beyond age 75. Whether the delay in the start of the pension payments will result in a higher income being paid to you will depend on the terms of your particular pension plan. A pension annuity is bought by using your pension fund, at the time you retire, to provide an income in retirement. Many private pension plans now allow you to draw your benefits at the time you wish to retire but do not force you to purchase an annuity. Your income is provided by making withdrawals directly from the pension fund which remains invested. Under current rules you can defer the purchase of an annuity until the time you reach age 75.