GMP on CETV quote but not on early retirement quote

xylophone

estimated on NI record to April 2018

Will the 18-19 year give you the year you need for full NSP? Once you have reached full NSP there is no point in making any more contributions.

Once your pension comes into payment, your scheme has no obligation to index link your pre 88 GMP after you have reached GMP age (60 for a woman) or your post 88 GMP at more than 3%.

The excess will increase under scheme rules.

The COPE is just the estimate of what you would have received as Additional State Pension had you not contracted out.

https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service

shepht

Thank you Xylophone, I have full contributions for the year ending April 2019, I assumed I would get £164.35 minus the Cope estimate on my SP? So glad I posted on this forum and thank you everyone for your time and patience.

xylophone

I assumed I would get £164.35 minus the Cope estimate on my SP?

No - at 6/4/16 two calculations were done.

Old rules

NI years/30 x £119.35 + (Additional State Pension - deduction for contracting out)

New Rules

(NI years/35 x £155.65) - COPE.

Your "starting amount" was the higher of the two.

You have added 16/17, 17/18/and 18/19 which is enough to give you full NSP.

The amount will only increase between now and SPA by index linking- at the moment this is by triple lock.

https://www.moneywise.co.uk/news/2018-10-12/state-pension-triple-lock-guaranteed-parliament-no-consensus-reforming-pension-tax

shepht

Thank you Xylophone for clarifying this, much appreciated