Guaranteed Minimum Pension

Ianthegolfer

It said

Contracted Out Pension Equivalent (COPE)

Your COPE estimate is£64.06 a week.

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

xylophone

How many full NI years did you have at 6/4/16?

Ianthegolfer

29 full years then

xylophone

Then
Old Rules
29/30 x £119.30  + (Additional State Pension - Deduction for Contracting Out)
New Rules
(29/35 x £155.65) - Contracted Out Pension Equivalent.
Your "starting amount" was the higher of the two.

 Clearly your starting amount was based on the old rules.
It has been improved by contributions from 2016/ 20.
Are you still working and paying NI/being credited with NI for 20/21? 
Do you anticipate working and paying/being credited with NI for 21/22?
Otherwise you will need to make voluntary contributions.

To come to the COPE, this looks  rather high to relate just to GMP for the five years to 1985 (which under the rules of your scheme  https://www.mnopf.co.uk/glossary.html#gmp revalues at full rate).
https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/#:~:text=The%20revaluation%20period%20for%20GMPs,Aprils%20between%20the%20two%20dates.
Did you have other contracted out employment post 1985?

You have confirmed that you do still have a pre 1988 GMP  held in MNOPF which you will receive at age 65?

garmeg

xylophone said:

Then
Old Rules
29/30 x £119.30  + (Additional State Pension - Deduction for Contracting Out)
New Rules
(29/35 x £155.65) - Contracted Out Pension Equivalent.
Your "starting amount" was the higher of the two.

 Clearly your starting amount was based on the old rules.
It has been improved by contributions from 2016/ 20.
Are you still working and paying NI/being credited with NI for 20/21? 
Do you anticipate working and paying/being credited with NI for 21/22?
Otherwise you will need to make voluntary contributions.

To come to the COPE, this looks  rather high to relate just to GMP for the five years to 1985 (which under the rules of your scheme  https://www.mnopf.co.uk/glossary.html#gmp revalues at full rate).
https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/#:~:text=The%20revaluation%20period%20for%20GMPs,Aprils%20between%20the%20two%20dates.
Did you have other contracted out employment post 1985?

You have confirmed that you do still have a pre 1988 GMP  held in MNOPF which you will receive at age 65?

The COPE of £64 per week / £3,300 per year is sort of comparable with his GMP of £4,300. A large difference but not outwith the realms of possibility given the 8.5% statutory revaluation on the latter.

Seems a large COPE for 5 years, admittedly.

xylophone

not outwith the realms of possibility given the 8.5% statutory revaluation on the latter.

But it seems from the details on the scheme web site https://www.mnopf.co.uk/glossary.html#gmp

 From 6 April 1997, a new system of contracting out was introduced and no GMP is accumulated after this date although the amount earned up to 5 April 1997 continues to be increased in line with National Average Earnings until you leave service or retire.

 that revaluation is at Full Rate  (not Fixed Rate).

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/#:~:text=The%20revaluation%20period%20for%20GMPs,Aprils%20between%20the%20two%20dates.

  Schemes which opt for increases at Full Rate increase their GMPs annually in line with Section 148 Orders (previously known as Section 21 Orders). Section 148 Orders are based on the increase in the National Average Earnings Index each year.

Ianthegolfer

Ok.I received the reply today that the GMP will be £4638 per year (payable in monthly installments).
This was for a pension I stopped paying Into in 1986. 
I have a state pension forecast of £175 at state retirement age.
Am I correct in assuming that the GMP will be paid in addition to the state pension?

xylophone

Am I correct in assuming that the GMP will be paid in addition to the state pension?

Yes.

The GMP is an occupational pension.

You will receive this occupational pension  as a monthly amount from the time it comes into payment.

You will be entitled to claim your state pension at SPA and it will be paid  at the rate then in force.