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£30,000 plus incentive offered to deferred pensioners

Work and Pensions Secretary Andrew Smith has announced plans to offer people who carry on working beyond retirement age an interest rate of at least 2 per cent above the case rate if they choose to defer state pension payments.

The rate based on the retail prices index would allow people to receive a lump sum of more than £30,000.

Liberal Democrat work and pensions spokesman Steve Webb wanted further details on exactly how the sum would be taxed and whether it would effect pensioners&#39 entitlement to council tax benefit.

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