Has my COPE been automatically included in my latest DB pension statement?

stoozie1

Or do I add it on myself?

I have a deferred pension with LGPS and my NI record states I was contracted out for 10 yrs.

Thanks for any help!

GunJack

no, cope is a made-up number to show what you may have made in SERPS/S2P if you hadn't been contracted-out into lgps or other private pension scheme, and is more to do with state pension, so no idea why it would be on a lgps statement??

liviboy

You were contracted out because the LGPS offer a pension amount either the same as or more than what you would have been entitled to under SERPS/S2P.

So therefore whatever your LGPS pension amount is is inclusive of whatever your COPE amount is. It is not in addition to.

Hope that helps :-)

jamesd

It's already included. COPE is the estimate for how much of the work pension comes from it being contracted out of the earnings-related part of the state pension.

stoozie1

GunJack wrote: »

no, cope is a made-up number to show what you may have made in SERPS/S2P if you hadn't been contracted-out into lgps or other private pension scheme, and is more to do with state pension, so no idea why it would be on a lgps statement??

I think it was the specificity of the amount stated on my personal tax account pages:

Contracted Out Pension Equivalent (COPE)



The COPE amount is paid as part of your other pension schemes, not by the government. The total amount of pension paid by your workplace or personal pension scheme will depend on the scheme and on any investment choices.

Your COPE estimate is £4.38 a week.

liviboy

stoozie1 wrote: »

I think it was the specificity of the amount stated on my personal tax account pages:

Contracted Out Pension Equivalent (COPE)



The COPE amount is paid as part of your other pension schemes, not by the government. The total amount of pension paid by your workplace or personal pension scheme will depend on the scheme and on any investment choices.

Your COPE estimate is £4.38 a week.

So basically all this means is that your LGPS pension should be paying you AT LEAST £4.38pw.

Provided your latest benefit statement from the LGPS shows a pension of AT LEAST that amount then all is well!

It wouldn't be shown seperately as already discussed.