Late retirement factors
22nd July 2026
Late retirement factors
If you choose to take your benefits later than you Normal Pension Age, they will normally be increased.
The factors are set by the Government and are reviewed periodically. The table below provides the percentage increase applicable from 22 July 2026:
| Years late | Pension Increase % | Retirement Grant Increase % |
| 1 | 0.0114 | 0.0006 |
| 2 | 0.0124 | 0.0006 |
| 3 | 0.0136 | 0.0006 |
| 4 | 0.0150 | 0.0006 |
| 5 | 0.0166 | 0.0006 |
| 6 | 0.0184 | 0.0006 |
| 7 | 0.0204 | 0.0006 |
| 8 | 0.0221 | 0.0006 |
| 9 | 0.0239 | 0.0006 |
| 10 | 0.0256 | 0.0006 |