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What happens with the State Pension COPE amount at retirement?
Comments
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You just need to forget about COPE.
BT won't be "doing" anything in connection with COPE.
Being contracted out meant you paid less National Insurance whilst working for BT and in return were due to just get the "Basic" State Pension.
You are now in the marvellous position where you could end up getting around £163 "New" State Pension each week rather than Basic State Pension of £125/week
And you will get your BT (final salary?) pension as well, based on whatever particular BT scheme you are a deferred member of.
Providing BT pay you at least the COPE amount (which I'm confident they will be) then that's an end to the matter.0 -
can't help feeling though that I am totally in the dark about how any extra payments via COPE going into my BT pension are being used, ie are BT taking any exobidant fees or making any charges and are they maximising it's effect for me or doing something with it that suits them.
BT is a defined benefit scheme. They define the benefits you are getting. No more. No less. Fees/charges have nothing to do with you.It makes me think about how they had to reduce/regulate the charges for investing in funds as there were lots of complaints about fees but with these COPE transfers into pensions I get the impression people will not be so aware as the process seems much more burried in the system than the example of funds I give, and so would be allowed to run riot.
You are linking two totally unrelated things. Funds and charges have nothing to do with your pension.
Forget worrying about COPE. You are gaining out of the changes. Not being penalised.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf
For Rebate Derived Amount read COPE.
The Basic State Pension on 6 4 16 was £119.30.
The new state pension was £155.65.
https://cwunortheast.co.uk/2016/06/08/bt-pensions/0
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