Basic State Pension & COPE

mgdavid

How many times!
Ignore the COPE.
They do not deduct the COPE from either the Starting Amount or the Forecast at SPA.

xylophone

Have a look at this (the figures are outdated - the 2016 figures would be BSP £119.30 and Single Tier Pension £155.65).

For RDA read COPE.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

The point is that even after old rules COD from SERPS/S2P, you were still left with some additional pension to add to BSP.


Your new rules amount is 32/35 of £155.65 minus the COPE.

Your foundation amount is the higher of the two.

As you have more than three years before you reach SPA, you can "work off" the COD applied under the old rules so that you can reach the full NSP but no more. You continue paying NI up to SPA even though your contributions do not increase your pension once you have reached the full amount.

Curious_Moose

xylophone wrote: »

Have a look at this (the figures are outdated - the 2016 figures would be BSP £119.30 and Single Tier Pension £155.65).

For RDA read COPE.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

The point is that even after old rules COD from SERPS/S2P, you were still left with some additional pension to add to BSP.


Your new rules amount is 32/35 of £155.65 minus the COPE.

Your foundation amount is the higher of the two.

As you have more than three years before you reach SPA, you can "work off" the COD applied under the old rules so that you can reach the full NSP but no more. You continue paying NI up to SPA even though your contributions do not increase your pension once you have reached the full amount.

Thanks. So when they say "Estimate based on your National Insurance record up to 5 April 2016 £142.71", is that the same as my foundation amount? (and if so, why can't they call it that on the website to avoid any confusion?)


It just seems a coincidence that my pension under the old rules would be £142.71 (£119.30 plus whatever they added on) when this figure is very close to 32/35 x £155.65 = £142.31. That's why I'm thinking that the £142.71 may be based on the new rules (where I would have a reduction for being contracted out) rather than the old rules.

Curious_Moose

mgdavid wrote: »

How many times!
Ignore the COPE.
They do not deduct the COPE from either the Starting Amount or the Forecast at SPA.

Well that's handy. So when they're forecasting £155.65 if I pay another 3 years, that's what I will get from the State and I can forget about the COPE!?

roxy28

Curious_Moose wrote: »

Well that's handy. So when they're forecasting £155.65 if I pay another 3 years, that's what I will get from the State and I can forget about the COPE!?

For the 86th time forget COPE. forget COPE, forget COPE.forget COPE. +++++++++++++++++++++++++++++++++++++++

Sparkleybutterfly

This all confuses me to. By co-incidence I logged onto the website this afternoon and found I'm forecast to receive £166 odds per week and my COPE is £4.


My question was how do I boost my pension, but it appears I can't, or have I picked that up incorrectly from the website? It appears I am at my maximum.


I also have a small private pension which I would like to boost but don't know how to go about 'buying extra years'.


Any suggestions on either pension?

molerat

If your current forecast is for more than £155.65 then that is what you have earned under the old system and you cannot increase on that amount (unless you have less than 30 years pre 2016 with missing years post 2006). The first £155.65 will increase each year by the triple lock and the remaining "protected amount" will increase by CPI. £4 COPE suggests a very short contracted out time so you have obviously built up a reasonable amount of additional pension.

As for the private pension, you need to speak to whoever the pension is operated by. Without knowing exactly what type and who it is with no real help can be offered.