Will I get any state Pension?

xylophone

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/512799/your-state-pension-statement-explained-dwp042.pdf

Page 13 onwards.

JAG61

Thanks Xylophone

I have had a good read and I think I got myself all confused before.

This is how I see it now please can you correct me if I am wrong.

The COPE is all about the calculation and the New Pension starting point. We all have to start somewhere and to do that they need to gather our data right up until the 2015/2016 tax period.

In my case as I was contracted out they have worked out my COPE value (but only up until 2014/2015) so there will be another years worth to go on that figure. Once all the data is in the two calculations will set the starting Value with the larger value being the starting value.

So as I will not have added an extra NI year of qualifying I will stay at 20.

My Old Pension rate will be calculated out the same as the 2014/15 data BUT

the New Pension will be calculated as a little less due to the slight increase in the COPE..

The old Pension rate will be of coarse the largest and my starting value for the new Pension will be set to 79.53. This could then increase if I was to return and receive my credits for the years spent in NZ OR will increase with CPI (or whatever is used) until I reach State Pension age in 2028.....when it will freeze.

I should not get hung up on the COPE it is used for the calculation starting point only.

[Deleted User]

Jag, though I'm no expert I believe you summary is spot on. That's how I would have understood it.

xylophone

Indeed the approx £79 - £80 of SP will be inflation linked up to payment in c 2028 but will not be inflation linked after that date if you are still in New Zealand.

Your Barclays Pension will be due payable in around 2021 when you are 60.

Remember that at that stage they will split out your revalued pre 88 and post 88 GMP from the excess - there will be no requirement for the scheme to index link your pre 88 GMP at all or your post 88 GMP above 3% CPI once in payment - the balance will be index linked according to scheme rules.

The Barclays Scheme also applies some small abatement at State Pension Age, but I don't know whether this would be the old female SPA age of 60 which aligned with female GMP age or whether it will be at age 67 - TW would clarify.

JAG61

Hi Xylophone

Yes they will take a sum off me when I reach state Pension age - SPD State Pension Deduction. It has already been worked out and is a set figure of 331.22.

My Barclays service was between June 1988 and Nov 1996. So it's all POST 88 GMP. I believe the Non GMP portion is increased each October in line with RPI up to a Maximum of 5 % a year.