State pension confusion

fjh

I have just checked my online info - 'Headline' is £154 but when I look at COPE amount its £108
I have moved my Final salary pension to a SIPP- thus I am no longer a member of a works pension scheme.
QUESTION - will I be paid £108 or £154?
I am confused as I know about contracted out / in but I have paid NI for 47 years and will do so for another 1/2 years
Any help to understand would be appreacited.

Dazed_and_confused

Unfortunately that is one of the penalties for transferring out of a defined benefit scheme.

Your State Pension will be £46/week.

£108/week less than it would have been if you'd stayed put.




























Only joking. What makes you think it the £108 will be deducted from the £154???

xylophone

Any help to understand would be appreacited.

You say that you have 47 years NI.

Therefore at 6/4/16

Old State Pension Calculation

£119.30 (Basic State Pension for at least 30 years NI) + (Additional State Pension - Deduction for contracting out)

New State Pension Calculation

£155.65 (Full NSP for at least 35 years NI) - £108.

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

If your starting amount was less than a full new state pension, you would have been able to improve it up to a full new state pension by contributions/credits post 6/4/16 up to State Pension Age.

See

https://www.gov.uk/new-state-pension/how-its-calculated