State Pension and the COPE figure

Brricktop69

Relative newbie to the site so please excuse me as this must have been covered elsewhere.
I have been on the Gov.uk website to check my NI contributions, basically I am 51 years old and I have two years left to pay in so that I get the full entitlement.
However I am also showing a COPE figure of £58.80 per week.
I have a DC company pension with around £120k sat in it at present.
I need to understand assuming that the Government don't make any further changes to the pension system how much I would receive in State pension?
Would it be the full £175.20 and then i have my full DC pension pot to play with or
Would it be £175.20 less the £58.80 Cope leaving £116.40 per week and i would have to use my DC pension to cover the £3k difference?
Thanks in advance.

Dazed_and_C0nfused

Assuming you add the necessary years to move your forecast to £175.20 then that is what you will get.  Plus any inflation proofing.  For example from 6 April 2021 the £175.20 becomes £179.60.

Having a COPE value often means you have a defined benefit pension - have you transferred that to the DC fund or could you have a third pension separate to the £120k and State Pension?

Marcon

Brricktop69 said:

Relative newbie to the site so please excuse me as this must have been covered elsewhere.
I have been on the Gov.uk website to check my NI contributions, basically I am 51 years old and I have two years left to pay in so that I get the full entitlement.
However I am also showing a COPE figure of £58.80 per week.
I have a DC company pension with around £120k sat in it at present.
I need to understand assuming that the Government don't make any further changes to the pension system how much I would receive in State pension?
Would it be the full £175.20 and then i have my full DC pension pot to play with or
Would it be £175.20 less the £58.80 Cope leaving £116.40 per week and i would have to use my DC pension to cover the £3k difference?
Thanks in advance.

Have a read of this, especially the bit on COPE (which confuses pretty much everyone!): https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-forecast-explained-a24r12y9jt41

xylophone

If you pay the years as required, you will be eligible to receive a full state pension (at the rate then applicable) when you reach SPA.

The COPE indicates that you have been a member of a contracted out pension scheme.

Do you perhaps have a deferred DB pension?

Or you contracted out into a personal pension?

dunstonh

Would it be £175.20 less the £58.80 Cope l

That is such an FAQ here.   Yet nowhere does it say that it will be deducted.  Just a large number of people guess it is even though its says it is not.

Marcon

dunstonh said:

Would it be £175.20 less the £58.80 Cope l

That is such an FAQ here.   Yet nowhere does it say that it will be deducted.  Just a large number of people guess it is even though its says it is not.

The fact it appears here so often indicates just how baffling people find it. It's easy to forget what a closed book pensions are to so many - state pension especially.

ratechaser

Marcon said:

dunstonh said:

Would it be £175.20 less the £58.80 Cope l

That is such an FAQ here.   Yet nowhere does it say that it will be deducted.  Just a large number of people guess it is even though its says it is not.

The fact it appears here so often indicates just how baffling people find it. It's easy to forget what a closed book pensions are to so many - state pension especially.

Agreed, i had to ask the question myself, and I like to flatter myself that I'm not a total financial incompetent. I think the specific wording on the gov.uk page could certainly be made a bit clearer...