State pension forecast

curtlyb

Being only 49 (!) I thought i'd look into my own projection for retirement, the 'Cope' aspect is slightly confusing me....


Current forecast for 2035 is £149.45 (from memory)
with three more years contributions before 2035 i will get
£159.55 which is the maximum.


I did contract out for 7-8 years in the early 90's to a private policy.


I have a Cope amount of £31.48, it says that this does not affect your Government State Pension amount as it is paid by the private policy.


??


I thought the Cope amount would be my deduction from my state pension ie £159.55 - £31.48 (with hopefully the £31.48 being topped up by my private policy)


Is this correct as i'm confused now, my only other theory is that i can make up the £31.48 Cope amount £4.55 at a time by accruing extra years of contributions from 2016 until 2035, so eight extra years will still give me the full £159.55 ??

Silvertabby

curtlyb wrote: »

Being only 49 (!) I thought i'd look into my own projection for retirement, the 'Cope' aspect is slightly confusing me....


Current forecast for 2035 is £149.45 (from memory)
with three more years contributions before 2035 i will get
£159.55 which is the maximum.


I did contract out for 7-8 years in the early 90's to a private policy.


I have a Cope amount of £31.48, it says that this does not affect your Government State Pension amount as it is paid by the private policy.


??


I thought the Cope amount would be my deduction from my state pension ie £159.55 - £31.48 (with hopefully the £31.48 being topped up by my private policy)


Is this correct as i'm confused now, my only other theory is that i can make up the £31.48 Cope amount £4.55 at a time by accruing extra years of contributions from 2016 until 2035, so eight extra years will still give me the full £159.55 ??

Forget the COPE - it was just used in your foundation amount calculation and is now meaningless.

As long as you work/pay NI for another 3 years, you will get the maximum single tier State pension of £159.55 per week plus your contracted out personal/occupational pension.

Depending on your personal/occupational pension scheme rules, you should be able to take this before State pension age.

curtlyb

Silvertabby wrote: »

Forget the COPE - it was just used in your foundation amount calculation and is now meaningless.

As long as you work/pay NI for another 3 years, you will get the maximum single tier State pension of £159.55 per week plus your contracted out personal/occupational pension.

Depending on your personal/occupational pension scheme rules, you should be able to take this before State pension age.

Excellent, thank you for the clarification, I can see why the Cope figure is there as its a guesstimate of what I 'might' receive privately on top of the State Pension figure, makes sense now....

molerat

The COPE figure was deducted from your new pension calculation when arriving at your Apr 2016 starting amount. That amount was the higher of x 35ths of the new full pension amount - COPE or x 30ths of the old pension amount + S2P (which already had a contracted out deduction made on the figures shown on forecasts).

xylophone

At 6.4.16 - your starting amount was the higher of

QY/30 x 119.30 + (Additional State Pension- Contracted Out Deduction)

(QY/35 x £155.65) - COPE.

Your starting amount was under the full new state pension amount so that QY after 6/4/16 will increase your starting amount up to NSP level.

Once you have reached that level, although you need to pay NI if you are earning the appropriate amount, you cannot increase it beyond full NSP.

Your private pension will pay what it pays - the COPE is what the Government estimated to be the least per week that it should pay.

However, the actual amount will depend on your scheme.


The figure was used only once in the calculation of your starting amount.

See

https://apps.warwickshire.gov.uk/api/documents/WCCC-962-294

LULULU1

Hi all, I am 55 this month and plan to retire in 2 years time. I have work and have always worked full time.

My Gov state pension forecast says I will currently get £129.83 on my current contribution but get £159.55 if I work until 2029 which I don't want to do.

I have 39 years of full national insurance contributions and will have a final salary defined benefits pension when I retire in 2 years time.

I also have a COPE of £62.99 per week.

So my question is will I get my full state pension if I only work for 2 more years and if not can I purchase more years and when is it best to do this.

Many thanks for any help in advance

pip895

My understanding is that the COPE amount is the reason you are short of years. So yes you will need to purchase years to get up to the full £159.55. I don't think you can do this in advance so it will have to be after retirement.

LHW99

You would do it after retirement at age 55, but it needs to be for years before your SPA. You can't for example turn round age 75 (in 2038) and say I'll buy 2036-7 and 2037-8 now to make up.

LULULU1

I intend to do some part time work after I retire from fulltime work in 2020. My State pension is due in 2030. When are you suggesting I should look to purchase the extra Gov pension.

Thanks

p00hsticks

LULULU1 wrote: »

Hi all, I am 55 this month and plan to retire in 2 years time. I have work and have always worked full time.

My Gov state pension forecast says I will currently get £129.83 on my current contribution but get £159.55 if I work until 2029 which I don't want to do.

I have 39 years of full national insurance contributions and will have a final salary defined benefits pension when I retire in 2 years time.

I also have a COPE of £62.99 per week.

So my question is will I get my full state pension if I only work for 2 more years and if not can I purchase more years and when is it best to do this.

Many thanks for any help in advance

No, you won't get a full state pension. The two further years will add 2/35ths of the full amount (just under £10) to your starting amount.

If you get another pension forecast when you retire you can see how many years you are short and then pay voluntary class 3 contributions for as many years up to State Retirement Age as you need to take you up to the maximum

This guide explains it all
https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf