You may choose to defer purchasing an annuity provided the annuity is purchased by the time you reach age 75. You will need to contact the scheme administrators when you wish the annuity payments to commence.
If you wish to take advantage of the State Scheme Spreading Option (SSSO), which provides for a temporary annuity payable until State Pension Age the maximum age of deferment would be one year prior to reaching State Pension Age (i.e. presently deferment beyond the 59th birthday for women and the 64th birthday for men is not allowed). The SSSO allows you to use part or all of your fund under the Group AVC arrangement to buy a temporary pension equal to the value of 125% of the single person’s State basic pension or such lesser amount as your AVC fund will secure. Once purchased the rate of the temporary pension remains unchanged whilst in payment
For more details about deferment click here.
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