State pension forecast and COPE

Zookat

In 2016 my forcast was £123 plus £87 cope .

This year I will be getting my state pension , amount confirmed at £130 per week .

paulus6

https://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

From what this article is saying, among other things, is that you deduct the C.O.P.E figure from your state pension fourcast. You can then buy NI years to top up your state pension to the full £159/ week.
I have a phone appointment with Pensionwise.gov soon. I will run this question past them to confirm my fears. I have a state pension fourcast of £159, and one more year of NI contributions to have the full 35 years, but a COPE figure of £28 . So I assume I will deduct this figure from the £159 unless I buy more NI years contributions ?

zolablue25

paulus6 wrote: »

https://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

From what this article is saying, among other things, is that you deduct the C.O.P.E figure from your state pension fourcast. You can then buy NI years to top up your state pension to the full £159/ week.
I have a phone appointment with Pensionwise.gov soon. I will run this question past them to confirm my fears. I have a state pension fourcast of £159, and one more year of NI contributions to have the full 35 years, but a COPE figure of £28 . So I assume I will deduct this figure from the £159 unless I buy more NI years contributions ?

It is my (limited) understanding that the COPE figure was used to estimate how far short of your full NI contributions you would fall. My cope figure was something like £40 meaning that I had to make further NI contributions to get my state pension back to the full amount. IIRC I was about 6 years short. Fortuately, I have enough working years left in me to make up this shortfall. Obviously, if you retired in 2016, when your linked to article was written, you wouldn't have had the time to make up that shortfall and you would, indeed, have received a reduced state pension ( or needed to pay additional NI premiums to make up the shortfall)

Hopefully, your call with Pensionwise will reassure you. Perhaps you will be good enough to report back what they say about it, particularly if I have got hold of the wrong end of the stick regarding COPE

Asghar

paulus6 wrote: »

https://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

From what this article is saying, among other things, is that you deduct the C.O.P.E figure from your state pension fourcast. You can then buy NI years to top up your state pension to the full £159/ week.
I have a phone appointment with Pensionwise.gov soon. I will run this question past them to confirm my fears. I have a state pension fourcast of £159, and one more year of NI contributions to have the full 35 years, but a COPE figure of £28 . So I assume I will deduct this figure from the £159 unless I buy more NI years contributions ?

No, no, no.

What is so hard to understand, have you read the posts in this thread and your 2 years old article link properly.
The COPE figure has already been deducted from your State Pension forcast.

AnotherJoe

paulus6 wrote: »

https://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

From what this article is saying, among other things, is that you deduct the C.O.P.E figure from your state pension forecast. You can then buy NI years to top up your state pension to the full £159/ week.

That article is astonishingly badly written. Its wrong as written or at least implied. But it is in the Telegraph so nothing unusual there. Indeed most newspaper articles about anything are wrong.

Silvertabby

!!!8220; https://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

From what this article is saying, among other things, is that you deduct the C.O.P.E figure from your state pension forecast. You can then buy NI years to top up your state pension to the full £159/ week.
Originally posted by paulus6

Cobblers. As Joe says, a very badly written article. There's no set formula for everyone - you have to look at each case individually.

In Mr S's case, he retired at 58 and is due to get his State pension this May. He won't get the full £159 per week (he never expected that) but he couldn't have benefitted by buying any 'extra' years.

Why? Because he had been contracted out since 1978 and so his foundation amount as at April 2016 was based on his entitlement under the old pension scheme. Paying the 'missing' NI years from 2011 to 2015/2016 wouldn't have made any difference whatsoever. He then received 'free' NI credits for 2016/2017 and 2017/2018 as he reached pension credit age at 63+.

His COPE of £100 per week is already being paid as part of his Armed Forces pension.

xylophone

See https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

The figures used in above were estimates.

The BSP 2016-17 was £119.30

The NSP 2016-17 was £155.65.

xylophone

Note than in the above link the COPE is referred to as Rebate Derived Amount.

zolablue25

xylophone wrote: »

See https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

The figures used in above were estimates.

The BSP 2016-17 was £119.30

The NSP 2016-17 was £155.65.

Thanks for the link. Didn't understand a word of it, but appreciate the effort.

paulus6

zolablue25 wrote: »

It is my (limited) understanding that the COPE figure was used to estimate how far short of your full NI contributions you would fall. My cope figure was something like £40 meaning that I had to make further NI contributions to get my state pension back to the full amount. IIRC I was about 6 years short. Fortuately, I have enough working years left in me to make up this shortfall. Obviously, if you retired in 2016, when your linked to article was written, you wouldn't have had the time to make up that shortfall and you would, indeed, have received a reduced state pension ( or needed to pay additional NI premiums to make up the shortfall)

Hopefully, your call with Pensionwise will reassure you. Perhaps you will be good enough to report back what they say about it, particularly if I have got hold of the wrong end of the stick regarding COPE

Thanks Zolablue, yes I will report back as soon as I speak to to Pensionwise.........unfortunately they have a long waiting list of 7 weeks, but nevertheless I will bookmark this page and report back asap.