State pension for self employed

molerat

Still there on mine

How contracting out affects your pension income

Like most people, you were contracted out of part of the State Pension.
More about ........... link to COPE

Never has stated when or for how long though.

beezkneez

xylophone wrote: »

https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service

If there is no COPE then it would appear that you have never been contracted out?

Your "starting amount " would then be the higher of (new rules) 29/35 x £155.65 (£128.96) or (old rules) 29/30 x £119.30) + any SERPS/S2P earned between 1987 and 2016.

I thought I had contracted out for a while because I only pay once a month into pension but I have 2 actual pension plans?. I seem
to remember contracting back in when I started being self employed?

My partner took out same plan at the same time as me but was self
Employed then but he only has one pension fund? Where I have 2?!

Maybe I'm being dim?

xylophone

I have definitely been contracted out fir over ten years.

You mentioned a DB pension in an earlier post - you have been in this scheme since 2006?

http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0587



For service between 6 April 2002 and 5 April 2016, the
COPE is the amount of S2P given up. In this period, low
and moderate earners were entitled to a higher accrual
rate than would have been available under SERPS,
but this was not allowed for in DB rebates and only to
a limited extent in DC rebates. So many people will have
built up more than their basic state pension entitlement
while contracted-out in that period, and that is allowed
for in the calculation.

beezkneez

I have just checked and I did contract out on 2000 so sure if the online quotation is correct!

xylophone

I have just checked and I did contract out on 2000 so sure if the online quotation is correct!

https://www.gov.uk/contracted-out/new-state-pension


Your starting amount for the new State Pension may include a deduction if you were contracted out in certain:

earnings-related pension schemes at work (for example a final salary or career average pension) before 6 April 2016

workplace, personal or stakeholder pensions before 6 April 2012

Ring and check?