State Pension plus Works Pension

nigelbb

Durban wrote: »

Definitely no right to SP whilst living abroad for 13 years.

You had a right to state pension by paying voluntary NI contributions while living abroad. If working you could have paid Class 2 contributions (current rate £3/week).

nigelbb

jamesd wrote: »

The link from xylophone does a good job explaining. It's not strictly accurate but if you think of the limit being where higher rate tax started for both SERPS and S2P you'll have the right general idea.

I don't see any details of how SERPS & thus the COPE is calculated. What was the rate of pension accumulation with SERPS? e.g. if you earned £10K/year or £20K or £30K etc exactly how much SERPS did you earn.

I have never seen any explanation of exactly how the COPE is calculated. It must be related to the SERPS that was opted out of but also I have not seen any explanation of how much SERPS was worth.

xylophone

exactly how the COPE is calculated.

See

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

and for COPE read "Rebate Derived Amount".

Re SERPS/S2P

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

https://en.wikipedia.org/wiki/State_Second_Pension

https://adviser.royallondon.com/technical-central/pensions/state-benefits-pension-manuals/state-second-pension-explained/

xylophone

You presumably have a company pension,

See post 21

so been paying into the LGPS now for almost 19 years and will do for the next 13 - 15 years.

Durban

Dazed_and_confused wrote: »

Based on your post then yes, if you earn enough in each year to make it a qualifying year then you will get the £168.60

You haven't actually told us what your current entitlement is but presumably between £101 and £106 so year 14 may only add a penny. Or it could be worth £4.80.

You presumably have a company pension, that is what the COPE bit relates to. Most people will get more than the COPE figure from their company pension but that's not guaranteed and the company will just pay what you are entitled to, you won't see any reference to COPE from them.

Current entitlement showing £114.74 pw.

Only company pension is the LGPS.

Didn't make any NI voluntary contributions whilst overseas. I was only 17 when I left and it didn't cross my mind. Didn't know anything about pensions then and wasn't planning to return, although I'm really pleased that I did.

The country that I lived in didn't have any state pension as such and the small company that I worked for didn't contribute to a pension. I didn't really think of it then and played catch up from the age of 32. Luckily I'm in a good position now.

Thanks everyone , it appears then , that if I keep paying for the next 14 years, I will indeed get a full SP even though I lived abroad and contracted out for many years.

Excellent news

Dazed_and_confused

14 years doesn't seem correct.

As your current entitlement is less than £168.60 the most you can get is £168.60*.

Each post 2016 additional year adds £4.81.

So if your current entitlement is £114.74 an additional 11 years takes you to £167.65.

A twelfth year adds the final £0.95 to make it to £168.60.

*plus annual inflation increases

Durban

Dazed_and_confused wrote: »

14 years doesn't seem correct.

As your current entitlement is less than £168.60 the most you can get is £168.60*.

Each post 2016 additional year adds £4.81.

So if your current entitlement is £114.74 an additional 11 years takes you to £167.65.

A twelfth year adds the final £0.95 to make it to £168.60.

*plus annual inflation increases

Ah yes , sorry , I think that I worked out that as long as I had full contributions for the next 12 years , then I would get a full state pension at 67 , in 14 years time.

Does that sound right?

GunJack

Durban wrote: »

Ah yes , sorry , I think that I worked out that as long as I had full contributions for the next 12 years , then I would get a full state pension at 67 , in 14 years time.

Does that sound right?

Yes

more characters at random...jhukykkfk

nigelbb

xylophone wrote: »

See

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

and for COPE read "Rebate Derived Amount".

Re SERPS/S2P

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

https://en.wikipedia.org/wiki/State_Second_Pension

https://adviser.royallondon.com/technical-central/pensions/state-benefits-pension-manuals/state-second-pension-explained/

Thanks for that. Wikipedia explains it best I think. Bloody complex & as I haven't got a clue what I was earning 40 years ago I have no way of knowing whether sums for the few years of SERPS I earned are correct.

grnglide

You could always make a subject access request to HMRC for data held on the NIRS2 / NPS system.


You then merely have to see if it is correct!