Look forward to a lower state pension!
Pensions Minister, Steve Webb, has announced that the deferral rate for the State Pension will decrease from 1% for every five weeks, about 10.4% p.a., to 1% for every nine weeks, about 5.8% p.a., with effect from April 2016. This will be unwelcome news for those deferring or about to defer their State Pension and may cause many to reconsider drawing their pension.
I do question whether this change is wise, given the continuing vast size of UK Government indebtedness. As ever, time will tell.