state pension statement

assesser

Evening everyone,
Looking for advise, I have recieved state pension statement.
We estimate that on state pension age your star pension will be £148.07 per week, this is based on 38 qualifying years.
In the past you were contracted out (this is correct) DBpension with prevouis company, this is the part tthat's confusing me.
It says we estimate your COPE amount will be £36.09 a week, this will be paid by your workplace pension.
My private pension statements have never mentioned this in their statements, would this figure be included in their figures or additional payment
Regards
Assesser

kidmugsy

assesser wrote: »

My private pension statements have never mentioned this in their statements, would this figure be included in their figures

That's how it was with mine: silently included in the figures. I'm sure if I'd waded through all the bumf it might have been mentioned somewhere, had I managed to recognise it.

AnotherJoe

assesser wrote: »

Evening everyone,
Looking for advise, I have recieved state pension statement.
We estimate that on state pension age your star pension will be £148.07 per week, this is based on 38 qualifying years.
In the past you were contracted out (this is correct) DBpension with prevouis company, this is the part that's confusing me.
It says we estimate your COPE amount will be £36.09 a week, this will be paid by your workplace pension.
My private pension statements have never mentioned this in their statements, would this figure be included in their figures or additional payment
Regards
Assesser

Its notionally included but only in the sense that, due to the extra money going into your pension when you were out of the state scheme, your private pension "should" have increased by an amount, and the COPE amount is the amount the government "feels" it should have increased by, but its impossible to actually track, define or prove and will never be separately itemised, its impossible. IMO its basically a confusing scam figure that's an irrelevance.

You'll never see a COPE payment separate in any personal pension statement.

So if your state pension of £148.07 per week "includes" this COPE figure of £36.09 what that actually means is, your state pension as paid to you will be £111.98. On top of that you'll get the personal pensions. Forget the COPE figure.

woolly_wombat

assesser wrote: »

It says we estimate your COPE amount will be £36.09 a week, this will be paid by your workplace pension.
My private pension statements have never mentioned this in their statements, would this figure be included in their figures or additional payment
Regards
Assesser

As AnotherJoe has already pointed out, this is just a meaningless 'guesstimate'.

If you had opted out of SERPs and accepted the National Insurance reduction 'bribe' to put it into an Equitable Life with-profits pension then, like my other half, you'd be absolutely fuming when you saw how much they had estimated compared to the reality of how little you had got by giving up your valuable SERPs.

mgdavid

10 characters

assesser

Thanks for your replies,
My statement read £148.07 plus COPE of £36.09 giving a total of £184.16 per week
Regards
Assesser

minty777

What does COPE stand for?

greenglide

Contracted Out Pension Equivalent?

I assume it is really the COD (Contracted Out Deduction)?

This does exist - it is deducted from the AP earned by someone contracted out and can reduce it to zero. It is also involved in inflation proofing of the GMP part of the contracted out pension by PUGMPIs. All this fun goes away from 6/4/2016!

AnotherJoe

assesser wrote: »

Thanks for your replies,
My statement read £148.07 plus COPE of £36.09 giving a total of £184.16 per week
Regards
Assesser

So you'll actually just get the £148.07 then. You'll never see the COPE.

Debt_Free_Chick

COPE is a new term only recently introduced by DWP so you won't have seen it before.

It's the COD (contracted out deduction) or GMP (Guaranteed Minimum Pension) that your occupational pension pays PLUS an amount equal to the additional state pension you gave up, if you were contracted out after 1997. If you were contracted out via a personal pension or DC occupational pension, it's the SERPS/S2P you gave up.

Either way, your occupational or personal pension is paying you, in lieu of your Additional State Pension, for the period you were contracted out.

onzey

I'm confused (again)

In post #236 of this thread

https://forums.moneysavingexpert.com/discussion/5367287

I say what was said during my phone call to the state pension claim line i.e.

"He said if I'd never been contracted out there would be an additional £86.27 so final SP will depend on how much that is reduced by."

My understanding was "reduced by" = COD

So would this mean the £86.27 is what would be considered a COPE amount?

Only according to the paper State Pension Statement I requested it says:

"We estimate that your COPE amount is £113.26 a week.

:huh: