It surveyed 1,050 retired and semi-retired people to assess knowledge of the ability to defer the State Pension to enhance its value.

Its research showed that women (at 26%) were significantly more likely than men (19%) not to know about the possibility of deferring the State Pension, while 26% of those aged 75+ also did not know deferral was an option.

Only 7% of over-55s said they had used State Pension deferral themselves.

Those who reach State Pension age on or after 6 April 2016 can benefit from a 1% increase in their weekly state pension for every nine weeks that payments are deferred, equivalent to nearly 5.8% extra income for every full year deferred.

With the Triple Lock boosting the annual state pension to £221.20 a week from April for this younger cohort of state pensioners, those who defer their payments for the 2024/2025 financial year will benefit from an extra £12.78 a week – which works out at £664.58 of additional payments across an entire year, Just pointed out.

Those who reached State Pension age before 6 April 2016 and deferred are treated more generously, with an extra 1% state pension income for every five weeks deferred, equal to an annual rise of 10.4% or £916.66, which can be taken either as extra income or a lump sum.

Source: Just Group / Govt data

Source: Just Group / Govt data

Stephen Lowe, group communications director at Just Group, said: “Deferring can be good option for people who don’t need the income immediately – perhaps because they are still working or have other sources of cash – so it is disappointing a quarter of those approaching State Pension age don’t know about the option.”

• Just Group survey of 1,050 UK adults aged 55+ and retired/semi-retired conducted by conducted by Opinium between 17 and 27 August 2023.