35 years of full NI contributions and state pension?

Elmer_BeFuddled

I'm confused. Can see no mention of COPE, No mention of £175.20

And yes, I'm still working.

And also sorry for hijacking thread

t0rt0ise

Elmer_BeFuddled said:

I'm confused. Can see no mention of COPE, No mention of £175.20

COPE is for those who were contracted out so paid a lower NI for at least part of the time. Your pension looks to be from the old rules, and as it's better than the new pension, that's what you'll get. Lucky you.

Elmer_BeFuddled

Thanks t0rt0ise for clearing that up. Dunno about lucky tho, I'm starting to feel old!!

GazzaBloom

Dazed_and_C0nfused said:

So, I read that as I am sue full state pension, cannot improve it with further NI contributions and I will get £27.36 a week of my state pension paid through private pension as that os the contracted out amount.

I really have no idea how you are reading that from the forecast you have quoted.

What is it about this statement that you don't understand?

Your COPE estimate is £27.36 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.

If you stopped work now you would receive £175.20/week starting in 2034.  The £175.20 would be increased by any annual inflation proofing (currently the triple lock).

For example after April 2021 your forecast will be updated to show your forecast amount as £179.60.  Having paid another years NIC won't change that.

So the £27.36 in in addition to the state pension amount of £175.20? Why do they bother mentioning it? I get a forecast of that from my private pension.

GazzaBloom

My wife's forecast is this:

You can get your State Pension on 12 April 2037. Your forecast is

£175.20 a week

£761.81 a month, £9,141.69 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 2020
• does not include any increase due to inflation

£175.20 is the most you can get

You cannot improve your forecast any more.

So, she could give up work now and not affect her state pension? correct?

molerat

GazzaBloom said:

So, she could give up work now and not affect her state pension? correct?

Yes ........................

GazzaBloom

molerat said:

GazzaBloom said:

So, she could give up work now and not affect her state pension? correct?

Yes ........................

I'll be sure to not mention it to her...I don't want her getting ideas. 

Black_Cat2

😸 She's safe to give up work unless the powers that be change it again within the next 17 years! 

p00hsticks

GazzaBloom said:

Dazed_and_C0nfused said:

So, I read that as I am sue full state pension, cannot improve it with further NI contributions and I will get £27.36 a week of my state pension paid through private pension as that os the contracted out amount.

I really have no idea how you are reading that from the forecast you have quoted.

What is it about this statement that you don't understand?

Your COPE estimate is £27.36 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.

If you stopped work now you would receive £175.20/week starting in 2034.  The £175.20 would be increased by any annual inflation proofing (currently the triple lock).

For example after April 2021 your forecast will be updated to show your forecast amount as £179.60.  Having paid another years NIC won't change that.

So the £27.36 in in addition to the state pension amount of £175.20? Why do they bother mentioning it? I get a forecast of that from my private pension.

The COPE figure was used at the time the new State Pension came in in April 2016 to calculate peoples current entitlement under the new rules (it was also calculated under the old rules and the higher of the two figures was taken as your 'starting amount').

It serves no further purpose after that point and arguably they don't need to mention it at all now, as it does cause a lot of confusion - but the process for changing the wording of these government letters is pretty convoluted and I suspect they have other higher priorities.

GazzaBloom

Black_Cat2 said:

😸 She's safe to give up work unless the powers that be change it again within the next 17 years! 

Which will almost be inevitable as successive governments look to claw back COVID borrowing from the future.

Our future pensions will be fair game.