New state pension and COPE deductions

john-306

I've only just got a forecast off the gov.uk site.
It says my pension should be the full £155 plus an additional £30 COPE giving £185, I opted out serps for a number of years into a private pension so would have thought that would have been taken off not added on to the £155.

Sipowicz

^^^^^^^^^^^
That's what I thought, I thought I was getting my head around all this, obviously not!

greenglide

It says my pension should be the full £155 plus an additional £30 COPE giving £185,

It never has in the past. The "COPE" is and amount which is deducted from the new rules amount. Since the new rules calculation can never be more that £155.65 (the rates they have been using are less than that) when the COPE is deducted the amount must be less than that.

The only way the amount given can be more that the £155.65 is under the old rules and the COPE has no place there.

Either you have misread it, they have changed the web site or there is something wrong with it.

You could try the facility to submit a query and see what they say?

SnowMan

john-306 wrote: »

I've only just got a forecast off the gov.uk site.
It says my pension should be the full £155 plus an additional £30 COPE giving £185, I opted out serps for a number of years into a private pension so would have thought that would have been taken off not added on to the £155.

The £155.65pw looks to be your projected state pension allowing for potential post April 2016 Qualifying Years.

Your starting amount at April 2016 is lower and you are right has a contracted-out deduction. But in your case through those post 2016 years it looks like you have the potential to 'buy back' the contracted-out deduction to get yourself up to £155.65pw.

The COPE added to your potential state pension of £155.65pw should be ignored. It isn't part of your state pension.

zagfles

john-306 wrote: »

I've only just got a forecast off the gov.uk site.
It says my pension should be the full £155 plus an additional £30 COPE giving £185, I opted out serps for a number of years into a private pension so would have thought that would have been taken off not added on to the £155.

It is taken off. Basically COPE should be completely ignored. £155 is the figure you need. But check that's the figure earned to date, not the figure if you carry on working to state pension age.

The only reason COPE is mentioned is to stop people whinging that eg "I have 35 years but why aren't I getting a full state pension" etc. COPE is supposed to show that you're getting something paid by the contracted out scheme rather than the state and the total is probably more than the full state pension.

But it will already be included in whatever the other scheme quotes you. It's not additional. So ignore the COPE number completely. It's not useful at all except to stop clueless people whinging that their state pension is reduced because they were contracted out.

SnowMan

zagfles wrote: »

But check that's the figure earned to date, not the figure if you carry on working to state pension age.

It is almost certainly the figure if he carries on working to state pension age.

We need to know from John the figure accrued to date (i.e based on contributions to 5th April 2015) , and how many qualifying years have been earned to 5th April 2015 to understand and explain the position here.

John if you can post these up we should be able to help you.

molerat

Glad to see that they have at last managed to produce easily understandable non confusing pension forecasts :rotfl:

john-306

SnowMan wrote: »

It is almost certainly the figure if he carries on working to state pension age.

We need to know from John the figure accrued to date (i.e based on contributions to 5th April 2015) , and how many qualifying years have been earned to 5th April 2015 to understand and explain the position here.

John if you can post these up we should be able to help you.

Summary

39 years of full contributions
11 years to contribute before 2027
0 years when you did not contribute enough


Your State Pension forecast £155.65
Your COPE estimate £30.86
COPE added to your State Pension forecast £186.51

SnowMan

john-306 wrote: »

Summary

39 years of full contributions
11 years to contribute before 2027
0 years when you did not contribute enough


Your State Pension forecast £155.65
Your COPE estimate £30.86
COPE added to your State Pension forecast £186.51

We still need to know the figure accrued to date (i.e based on contributions to 5th April 2015).

On the forecast tab there should be an amount described as 'Amount based on your latest National Insurance Record (5th April 2015)

What is showing as that figure?

greenglide

So the figure given is at SPa, assuming that you continue to pay contributions.

Has it not given the Starting Amount? Presumably that will be £155.65 less the COPE of £30.86 and then you will have till 2027 to get to the £155.65 amount.

This sounds the same as orwen is saying https://forums.moneysavingexpert.com/discussion/5425079

Odd.