Help understanding state pension forecast

Dazed_and_confused

To me it comes across as someone who isn't bothered whether £170.86 is correct or not. Could be due £270.86 but not bothered.

Which begs the question why are you looking at this board?

enthusiasticsaver

tmppension wrote: »

I've checked my state pension forecast and I'm struggling to fully understand the COPE amount and what impact future NI contributions will make.

I have 26 full years and it says I'll get £130 per week based on my NI contributions so far and £165 if I contribute a further 8 years. Within these amounts is £30 COPE.

What I am trying to understand is, can I increase the state pension by continuing to contribute. Does it mean that if I put another 8 years NI in I'll hit £135 and they still expect £30 to be provided from when I was contracted out. If I then continue to make contributions will the £135 start to go up?

Presumably you are still working and will find for each full tax year extra you contribute NI that £130 per week will rise until it reaches the maximum which at present is around £164 pw.

I have contributed 43 years full contributions and have a COPE of around £31 per week and my pension is forecasted at £150 pw. It will rise to the £164 current maximum if I contribute a further 4 years. As others have said the COPE is to do with the starting position under the new pension arrangements. All you need to do is pay NI for 8 more years. How old are you?

Vespaboy

phew


exhausting


it is confusing but I too have a COPE amount plus 2 years for full state pension to go - I am not arguing I will just be glad if I actually get somehting !

mgdavid

vulcanrtb wrote: »

You'll not score any points off me. I've noticed there is a tendency by some of the high post count users on this forum to try to belittle newcomers. Amply demonstrated just here.

Ignorance, and choosing to remain so, is never clever. Or as Danny Baker put it, there is no honour in not knowing something that can be known.

Malchester

I am in a similar position. I was contracted out for 11 years. My state pension forecast says I will, in current figures, get £168.45 per week - more than the basic amount. I cannot improve that over the coming 5 years before I receive my state pension. I already have 40 years contributions. My COPE amount on my state pension statement is around £30 but, as others have said, it is irrelevant. Like you I am in a win / win situation with the change to state pension arrangements.

vulcanrtb

It's a difference of roughly a fiver, and thoroughly understanding why or not won't change how much I get.
If you're really on a mission to educate, one of you could possibly have distilled the difference into a short sentence or two /shrug
Friendly crowd
Bye!

DairyQueen

vulcanrtb wrote: »

It's a difference of roughly a fiver, and thoroughly understanding why or not won't change how much I get.
If you're really on a mission to educate, one of you could possibly have distilled the difference into a short sentence or two /shrug
Friendly crowd
Bye!

Totally missed the point of the forum.
I wonder if I should mention the extra £20p.w. SP I recovered because I took the time to research, and then reconcile my NI with DWP and HMRC?
P'raps not. You may request a 'short sentence or two' explaining it. :rotfl: