People who delay taking their state pension will have the extra benefit they receive cut in half as part of the government's latest pension reforms.
Currently, pensioners who delay taking their state pension beyond the state pension age of 65 get a much higher payment, which rises by 10.4 per cent for every year deferred.
But under the new plans decided after the government took advice on what would be an actuarially fair rate, the uplift for anyone who turns 65 on or after 5 April 2016 and defers their pension will drop to a less generous 5.8 per cent a year. This gives retirees a 1 per cent increase for every nine weeks of deferral.