M&S Pension Scheme

kidmugsy

Thrugelmir wrote: »

Presumably this relates to the increasing minimum wage that is being phased in. So not all negative. Basic pay levels will be improved.

"A man who wishes to remove a mountain begins by drilling a tunnel and filling it with explosives."

xylophone

What is your starting amount for state pension?

Two calculations should have been done and your starting amount is the higher of the two.

How many qualifying NI years do you have?

Blanc

Thrugelmir wrote: »

Presumably this relates to the increasing minimum wage that is being phased in. So not all negative. Basic pay levels will be improved.

I'm sorry I don't understand what you mean.

Blanc

xylophone wrote: »

What is your starting amount for state pension?

Two calculations should have been done and your starting amount is the higher of the two.

How many qualifying NI years do you have?

I have 38 years of full contributions.


I want to thank you for the time you have taken with me.

Blanc

kidmugsy wrote: »

"A man who wishes to remove a mountain begins by drilling a tunnel and filling it with explosives."

So sorry but don't understand this.

AnotherJoe

Blanc wrote: »

Hi just checked,


My state pension forecast is £155.65 estimate if I pay N.I up to 2028. My COPE £30.14. COPE added to my State pension is £185.79 forecast.
Is this good, I am so sorry for been so stupid, I appreciate all opinions, thank you.

The COPE figure is highly misleading. You will not get this as an itemised figure. Do you have a pension from elsewhere ? If not, the the COPE is notionally included within the M&S pension, otherwise within the other pension, but you will not be getting a separate sum from anyone called COPE of £30.14. Forget it. And don't call yourself stupid, the way COPE is stated is IMNSHO an outrageously confusing and misleading term that should be omitted from these forecasts and it's no wonder that this confuses.

bigadaj

AnotherJoe wrote: »

The COPE figure is highly misleading. You will not get this as an itemised figure. Do you have a pension from elsewhere ? If not, the the COPE is notionally included within the M&S pension, otherwise within the other pension, but you will not be getting a separate sum from anyone called COPE of £30.14. Forget it. And don't call yourself stupid, the way COPE is stated is IMNSHO an outrageously confusing and misleading term that should be omitted from these forecasts and it's no wonder that this confuses.

I agree with your assessment of how cope is included and stated, but it is useful information if explained and understood properly.

The flip side is when excluded you get people complaining that they have lost out by being contracted out but have actually benefitted, particularly under the new rules, by having paid less NI, whilst generating a separate pot or income.

xylophone

I have 38 years of full contributions.

Two calculations have been done.

Under the old scheme, you are entitled to a full basic state pension (119.35) + (SERPS + S2P) - the Rebate Derived Amount (the deduction in respect of the years you contracted out - ie the COPE)

Under the new scheme you are entitled to £155.65 - the Rebate Derived Amount.

Whichever of the calculations is the higher is your starting amount.


If your starting amount is less than the new state pension, then you can increase it - see https://www.gov.uk/new-state-pension/how-its-calculated

You indicate that you may wish to retire from work at age 60. If you have not reached the full new state pension amount by then, you can consider voluntary contributions for the number of years required.

kidmugsy

Blanc wrote: »

So sorry but don't understand this.

It's a joke; a reply to Thrugelmir's motto. Sorry for the confusion.

greenglide

Under the old scheme, you are entitled to a full basic state pension (119.35) + (SERPS + S2P) - the Rebate Derived Amount (the deduction in respect of the years you contracted out - ie the COPE)

No it isnt.

The basic + GRAD + SERPS + S2P on the forecast already takes account of the COD (or it should do).

The Rebate Derived Amount and the "COPE" dont come into it but the COPE / Rebate Derived Amount will be a similar amount to the COD but they have no place in the old rules calculation.