Cope what is it?

Silvertabby

NorthernGeezer wrote: »

So let me get this straight...............................
If my SP forecast states £173 a week, this is what i get, even though on page 2 of the statement it gives a COPE figure of £33?

Yes, spot on.

badmemory

The £33 is the minimum you should expect to receive from the pension which allowed you to pay reduced NI contributions for a few years & is now pretty much irrelevant apart from reminding you that you do have a DB pension iin your past.

NorthernGeezer_2

Thanks guys, that's just uplifted my SP by £1500 a year.

pensionpawn

From what I've read COPE is the figure TO BE removed from the quoted pension figure on the government gateway as this is your SERPs that went into your private pension instead. Hence although you may have enough qualifying years (35) for the new state pension as you have contracted out (before the new state pension) to the value of the COPE amount (which is in your private pension) this will be removed from your 35 year full state pension amount. So in the example above £173 - £33 = £140. For me I have estimate of £139 based on current NI contributions with a COPE of £48. However COPE can not reduce your state pension below the full old state pension of £122. The good news is as each qualifying year of NI contributions for the new state pension is 1/35 * £160 = £4.57, the difference between the maximum of the two state pension amounts, £160-£122=£38 can be made up with a maximum of £38/£4.57 = 8.3 (9) qualifying years after the new state pension started. So no problem for anyone reaching SPA from 2025.

p00hsticks

pensionpawn wrote: »

From what I've read COPE is the figure TO BE removed from the quoted pension figure on the government gateway as this is your SERPs that went into your private pension instead.

That's not correct. As others have said above, the COPE figure (if any) was used in the initial calculation of an individuals 'starting amount' at the point the new State Pension was introduced in April 2016. It does not then need to be subtracted again from that starting amount.

molerat

pensionpawn wrote: »

.............

You seem to be confusing how the old and new systems work, applying some old rules to the new system.

xylophone

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

The COPE is the "Rebate Derived Amount" described in the above.

pensionpawn

p00hsticks wrote: »

That's not correct. As others have said above, the COPE figure (if any) was used in the initial calculation of an individuals 'starting amount' at the point the new State Pension was introduced in April 2016. It does not then need to be subtracted again from that starting amount.

More than happy to be wrong about this. That means only 5 more years of qualifying NI so full state pension should be secured by 2022 :j