COPE deduction (again)

Tom99

Whether you will get £168.60pw depends what exactly the SP forecast says. There can be up to 3 different figures eg:
1 - You SP forecast is £168.60pw (this might assume you need to continue NI contributions)
2 - You SP as at April 2019 is £?? (this is the figure you will get even if you don't make any further contributions)
3 - Your maximum SP is £?? (this is the figure you will get either because you are already at that level or because further contributions either in the future or by filling in missing years, will take you up to that level)

waveydavey48

AnotherJoe wrote: »

Isn't that what people here have been saying to you ??

I don't think so. People have generally been saying "the state will pay you £168.60".

My forecast is
"You can get your State Pension on 6 February 2029. Your forecast is
£168.60 a week
£733.11 a month, £8,797.31 a year
Your forecast
is not a guarantee and is based on the current law
is based on your National Insurance record up to 5 April 2019
does not include any increase due to inflation
£168.60 is the most you can get
You cannot improve your forecast any more.
If you’re working you may still need to pay National Insurance contributions until 6 February 2029 as they fund other state benefits and the NHS."

I'm pretty sure my COPE is the same as last year meaning that any future NI contributions I make won't reduce it.

Thanks again folks.

LHW99

AnotherJoe wrote: »

I'd go further, the COPE sentence needs to be removed. It causes only confusion and provides no benefit. All the state should tell you is what they will be paying you. Mentioning another, entirely fictitious number is if no use to anyone.

Yes, although taking account of recent comments in the press, one can only hope that will actually be correct!

Dazed_and_confused

You definitely do understand that your State Pension will be £168.60 (plus whatever inflation increases are added between now and 2029)?

And that your Aviva (company) pension will not make any reference to the £57.15. But with it being a defined benefit scheme (the Aviva pension) it is quite possibly going to pay more than £57.15/week.

Sea_Shell

So, if my SP is showing less currently than the full SP amount, due to short years, I WILL at least, be guaranteed that amount?? plus indexing.

I've still got 20 years to go...so I'm not planning on paying missed years just yet, in case I meet a premiture demise.

Dazed_and_confused

You should be yes but what exactly does your forecast say?

Paul_Herring

waveydavey48 wrote: »

My forecast is
"You can get your State Pension on 6 February 2029. Your forecast is
£168.60 a week
£733.11 a month, £8,797.31 a year
Your forecast
is not a guarantee and is based on the current law
is based on your National Insurance record up to 5 April 2019
does not include any increase due to inflation
£168.60 is the most you can get
You cannot improve your forecast any more.
If you’re working you may still need to pay National Insurance contributions until 6 February 2029 as they fund other state benefits and the NHS."

You have already contributed sufficient NI over the years to reach the maximum state pension at state retirement age (given current rules.) That £168.60 will go up only due to the yearly increase in state pension, but won't increase through more years of NI contributions.

I'm pretty sure my COPE is the same as last year meaning that any future NI contributions I make won't reduce it.

It won't. That number was used for one, and only one, calculation when working out your starting amount in 2016. IT's purpose these days is (1) informative for historical purposes and (2) serves to confuse people to the point where we still get threads like this.

waveydavey48

Paul_Herring wrote: »

IT's purpose these days is (1) informative for historical purposes and (2) serves to confuse people to the point where we still get threads like this.

It certainly confused me.

Press articles (the following extract is from the "savvy woman" website) don't help.

"If you were ‘contracted out’ you won’t receive the full state pension amount. Instead part of your state pension will be paid by your private pension scheme. It’s called COPE or the contracted out pension equivalent."

Thanks again.

AnotherJoe

waveydavey48 wrote: »

I don't think so. People have generally been saying "the state will pay you £168.60".

Perhaps i didn't highlight it well enough.
What i meant to emphasise in your words and agree with you and your reading of what the Which article implied, is that the COPE amount is paid by the company / pension you took out and not by the state.

Though, it wont be that amount, and it wont be marked as COPE


Anyway it all seems to be clear now!

Sea_Shell

Dazed_and_confused wrote: »

You should be yes but what exactly does your forecast say?

I'll dig out the figures and report back.