Does this sound correct

Mnd

Hi, just trying to clarify if this looks OK

I am 63 just, and I have been working full time since 16. 47 years

Most of my working life I was in a company pension scheme up to 1999 when I was made redundant aged 45

My company pension I am already taking says
Pre1988 GMP 0 Post88 GMP 0. NON GMP 6921 spouses widow pension of 4079

My state pension forecast is £183 aweek cope 42 which will not affect your forecast .I cannot improve this forecast

I know that during my time in the pension fund I may well have been contracted in out, serps Sp2, etc, but I'm not too worried about the workings of this, it just seems too good to be true.
I have spoken both to the pension fund and the Gov pensions today and they both confirm everything is OK and I can work on these numbers with no deduction
Am I missing something or do these figures look possible.
Thanks for you help

greenglide

Presumably you have not been contracted out since 1999 then? Depending on your earnings during this period you have obviously accrued sufficient SERPS/S2P to earn you the £183 under the old system.

Looks fine!

Note that you would expect the GMP Pre and POST figures to appear when you reach SPa which will probably reduce the amount of inflation proofing.

Is the pension public sector (civil service, local government, police etc)? You may gain from the special indexation of the GMP just for then.

Alter_ego

You do realise that £42 cope will be deducted from the £183?

Mnd

Thanks for the replies
Correct, I have not been contracted out since 1999 and I don't think before between 1970 and 1979 as I don't think we were in scheme until 25 years old
It was a private company pension , so no effect there..I understand about the GMP inflation proofing the pension office explained that.
Re the COPE figure, it speciifically states that this will not affect the forecast,

atush

Cope isnt deducted, it is supposed to represent the figure the contracted out deductions would bring in t he pension they are in.

xylophone

Most of my working life I was in a company pension scheme up to 1999 when I was made redundant aged 45

What does your statement of deferred benefits ( which should have been provided when you left) have to say about pre 88 GMP/post 88 GMP/Excess over GMP?





With regard to your state pension statement (as at 6 4 16), your starting amount would have been the higher of

Old Rules Full BSP £119.30 + (SERPS/S2P - deduction for contracting out)

New Rules £155.65 - £42.

It seems that despite being in a contracted out scheme for a certain period, you have accrued sufficient Additional Pension to cancel out the COD.

xylophone

Could you explain please how it differs from the COD contracted out deduction shown on my pension statement? It is definitely deducted from my additional state pension (pre 97)
Thanks for any clarification.

You became eligible for state pension under the old scheme.

Post 21 onwards

http://forums.moneysavingexpert.com/showthread.php?t=4532605&page=2

Alter_ego

xylophone wrote: »

You became eligible for state pension under the old scheme.

Post 21 onwards

http://forums.moneysavingexpert.com/showthread.php?t=4532605&page=2

Thanks for that. AE