“From that point onwards, every year of state pension the person receives will deliver bonus income as a result of the deferral.

“If, for example, they lived until age 90, they could receive over £7,000 more in retirement income by deferring the state pension by 12 months.

"If they reach their 100th birthday, the decision to defer could pay off to the tune of £18,000.”

Mr Selby turned to address considerations which those considering deferring the state pension may want to make.

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