COPE?

xylophone

I have written to Contracted Out Pension Scheme Services to see if they can give me some information.

Let us know.

Otherwise, SAR  to HMRC might produce the information

SERPS pension check

You can perform a SERPS pension check by writing to HMRC with your NI number and a few other personal details, including your full name, previous name, address and date of birth. HMRC will take around 30 days to respond with details of any pension providers you paid into as a result of opting out of SERPS. You will then need to contact the providers to see how much any pension is worth and whether you can access them.

National Insurance SARs should be sent to:

SARS/DPU
HM Revenue and Customs
National Insurance Contributions Office
BX9 1AN

https://www.gov.uk/guidance/hmrc-subject-access-request

Rollingonandon

Thanks all, will let you know of any results.

cod3

Hi @Rollingonandon Interesting thread.  It inspired me to check my own pension forecast again and now see mention of a COPE estimate on mine too - £10.97/week.  I can only think of one employer it could relate to so have looked up their pension provider using the link posted by @xylophone (thank you) and fired off an email for more information if available.

It was a small company and I have no recollection of paying into a pension scheme.  I moved house soon after I left employment there. The company is registered on Companies House.  Looking at their published annual accounts from when I worked there it states, "Pension costs: The company has a defined benefit pension scheme."  I was a full time manager who helped out with the accounts.  I should have paid more attention!   Thank you for your thread.  I hope you get to the bottom of your COPE mystery soon. 

xylophone

I have no recollection of paying into a pension scheme. 

It is possible that the company provided a non contributory scheme.

When exactly were you working for the company?

cod3

xylophone said:

I have no recollection of paying into a pension scheme. 

It is possible that the company provided a non contributory scheme.

When exactly were you working for the company?

I worked there from 1996 - 1999.  Fingers crossed for a non contributory scheme!  

xylophone

1996 - 1999.

 If you were a member of a DB Scheme, the COPE  is likely  to relate to a Guaranteed Minimum Pension  accrued pre  6/4/97.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

cod3

xylophone said:

1996 - 1999.

 If you were a member of a DB Scheme, the COPE  is likely  to relate to a Guaranteed Minimum Pension  accrued pre  6/4/97.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

Thank you again.  Hopefully they will respond to my email soon and I can update on my other thread (tiny pot panic) so that I am not hijacking Rolling's thread too much.

xylophone

Hopefully they will respond to my email soon and I can update on my other thread (tiny pot panic) so that I am not hijacking Rolling's thread too much.

I have just had a look at your other thread and been reminded that you have a Civil Service Pension.

The CS Scheme was  a Defined Benefit Scheme "contracted out" of SERPS/S2P (Additional State Pension) and this (and any other contracted out scheme of which you were a member) will account for your COPE.

Have a look at the link in my post above (where the Rebate Derived Amount = COPE) and at

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

At 6/4/16, two calculations were done for you to establish your "starting amount" for NSP.

Old Rules

NI years/30  (max) x  £119.30 (Full Basic) + (Additional State Pension -  Deduction for Contracting Out).

New Rules

{NI years/35 (max) x £155.65 (Full NSP)} - COPE. 

Your "starting amount" was the higher of the two. 

What  exactly does your state pension forecast say?

cod3

"The CS Scheme was  a Defined Benefit Scheme "contracted out" of SERPS/S2P (Additional State Pension) and this (and any other contracted out scheme of which you were a member) will account for your COPE." - I am on the CS's radar and they know all my current details.  I am curious about if I was in any scheme with my other employer from 1996-1999.  Looking further into Companies House, it appears the company had been admitted into a very generous local gov superannuated DB pension scheme.  I wasn't aware of this at the time - would have bitten their hand off if offered!  Waiting for the scheme organiser to get back to me.

My state forecast says:

Your forecast is £185.15 a week,
£805.07 a month, £9,660.86 a year

£185.15 is the most you can get

You cannot improve your forecast any more.

You have:

• 41 years of full contributions
• 9 years to contribute before 5 April 2031
• 1 year when you did not contribute enough [too late for that one]

Your COPE estimate is £10.97 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.

In most cases the private pension scheme you were contracted out to:

• will include an amount equal to the COPE amount
• may not individually identify the COPE amount

The total amount of pension paid by your workplace or personal pension schemes will depend on the scheme and on any investment choices.

xylophone

Your COPE estimate is £10.97 a week

It seems on the low side - in  which years were you an active member of the CS Scheme?