COPE Estimate

anderson18

In the 80/ 90's I contracted out of the state earning related pension into a private pension company.

The government is now estimating my Contracted Out Pension Equivalent is £70 per week

although the pension company pension forecast is only £40 per week. What if any recourse do I have?

Dazed_and_C0nfused

The government is now estimating my Contracted Out Pension Equivalent is £70 per week

although the pension company pension forecast is only £40 per week. What if any recourse do I have?

Recourse to what?

What impact do you think the COPE amount has on the State Pension you will receive?

squirrelpie

There's some explanation of the possible situations and what you can do in various circumstances at https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service#the-contracted-out-pension-equivalent-cope

Marcon

anderson18 said:

In the 80/ 90's I contracted out of the state earning related pension into a private pension company.

The government is now estimating my Contracted Out Pension Equivalent is £70 per week

although the pension company pension forecast is only £40 per week. What if any recourse do I have?

None, I'm afraid. There was never any guarantee that the action you took would match, let alone exceed, the benefit you would receive by remaining contracted in to the state additional pension. You took the risk of contracting out and you chose the types of fund in which you wished to invest (or more likely along with 99% of the population opted for the default fund). 

whizzywoo

anderson18 said:

In the 80/ 90's I contracted out of the state earning related pension into a private pension company.

The government is now estimating my Contracted Out Pension Equivalent is £70 per week

although the pension company pension forecast is only £40 per week. What if any recourse do I have?

The Cope amount will not be deducted from whatever State Pension you have earned.  The Cope figure is just for information and does not change your State Pension.

Albermarle

although the pension company pension forecast is only £40 per week. What if any recourse do I have?

These forecasts tend to be pessimistic . If you tell us how much is in the pension pot , how many years before you are at state pension age and if possible how it is invested , we might be able to give you a more accurate figure.

By the way you could take this pension before state pension age if you wanted .

xylophone

See https://www.gov.uk/government/publications/new-state-pension-if-youve-been-contracted-out-of-additional-state-pension/the-new-state-pension-transition-and-contracting-out-fact-sheet

and this much earlier technical note

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/204604/single-tier-pension-transition-technical-note.pdf

When you say that you contracted out, do you mean into a personal pension (DC) or that you were a member of an occupational DB or DC Scheme?

If in a DC scheme note from first link

1988/89-1996/97 – DC Schemes

For members of DC schemes, the COD is calculated as above - as if the individual was contracted-out in a DB scheme, although DC schemes are not required to provide a GMP – the final pension the person receives will depend on how well the money has been invested and/ or the annuity rates which apply.

dunstonh

although the pension company pension forecast is only £40 per week.

Pension companies don't give forecasts.  They give projections.   They also give projections using pessimistic assumptions and display the money in today's terms.   They usually show them net of the tax free cash as well.  So, you are not comparing like for like.

What if any recourse do I have?

What makes you think anything is wrong?