What are the benefits of deferring payment of my pension?

Your accrued pension will be increased by 8 per cent for each year that it is deferred on top of the standard Fund increases that apply to your deferred pension, this means that your pension when it commences will be higher than it would have been had you elected to draw the pension from age 60, however you need to balance this with how long you expect to be receiving your pension as well as your financial needs. You may wish to seek independent financial advice to assist you in making your decision.