Cope ??

stronginthesun

im 57 just had a state pension forcast it was £168 something on retirement . but underneath it said cope amount is £28 . it also said there was nothing i could do to increase the state pension , probably because i have paid ni for over 35 years . but i did opt out for a couple of years in the 1980s . the £28 will it be paid on top of state pension , or horrors deducted . please explain .

lisyloo

Does it say COPE estimate?

If so then it is neither deducted or added, it’s an estimate of what your contracted out money will pay (but ONLY an estimate).
Where did your contracted out contributions go?
Into another pension?
In which case it’s referring to that other pension.

I’d be curious to know if it’s providing anything like the £28 estimate.

xylophone

£168.68?

This is a full new state pension.

You cannot increase it any more by NI contributions but will continue to pay NI (if earning the appropriate amount) until you reach state pension age.

The pension will be inflation linked (at the moment under the triple lock) the highest of annual September CPI inflation , average earnings growth or 2.5%.

The COPE amount was used only once back in 2016/17 in calculating your starting amount for new state pension.

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

dunstonh

but i did opt out for a couple of years in the 1980s

You have never been able to opt out of the state pension. You probably mean you contracted out of the SERPS in the late 80s.

the £28 will it be paid on top of state pension , or horrors deducted . please explain .

if you read the state pension forecast then it does explain. Nowhere does it say it will be deducted or added. It does explain what it is.