The state pension is a bedrock of retirement planning, and many will want to get the most out of it. In this sense, obtaining the full amount is an aim for many Britons in the hopes of securing a comfortable retirement.

While the state pension is usually dictated by a person’s National Insurance contributions, there are ways to increase it.

One of these options is known as deferring, which means a person puts off claiming their state pension.

In doing nothing about claiming, Britons could stand to boost their state pension sum.

The rules slightly differ depending on when the individual reached state pension age.

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However, there is another choice for the basic state pension known as the lump sum option.

The Government explains: “You can get a one-off lump sum payment if you defer claiming your state pension for at least 12 months in a row.

“This will include interest of two percent above the Bank of England base rate.”

Individuals should be aware they could get taxed at their current rate on this lump sum.

These examples, however, assume no annual increase in the state pension.

The triple lock guarantees an increase each year, and so the amount someone actually gets from deferring could be even higher.