COPE how do we know if it's right!

Jannearly50

Good morning,

I'm enquiring about COPE and pension forecasts.

Had one in 2016 which advised I had a starting figure of £136.90 for 32 qualifying years up to 2014/15 and a COPE of £21.20 (the actual pension when it was frozen in 2003 was £60.00 per week). I've never been able to understand it and have now read a link on here of the govt guidance in 2021. I was in a civil service pension scheme from 1987 to 2003. I have paid into a private pension sporadically since.

When I went onto the online service this week to check it showed I now have 39 qualifying years of NI and my state pension forecast was now £185.25 and I can't increase it any more.  Could I feasibly have accumulated an extra £48.35 over the last 7 years or is something adrift seems more than I was expecting!

I'm well aware of the good old civil service get out clause of a forecast 'being an estimate' how do you truly get an understanding of it!

Any help would be appreciated.

Dazed_and_C0nfused

As you have exceeded the standard new State Pension you cannot accrue any further pension.  Not quite sure how you managed that (maybe a typo?) but I wouldn't get hung on the COPE amount.

It doesn't really mean anything, chances are your civil service pension is going to pay well in excess of it.

And I doubt very much the Civil Service pension has been frozen.  I think you'll find it has been devalued each year in line with the prior year's September inflation figure.  You could always ask the administrator for a current valuation.

molerat

I suspect you mean £185.15.  If you had £136.90 in 2016 that means you only needed 5 more years to reach the maximum, £155.65 - £136.90 = £18.75 / £4.45 = 4.2 years needed.  That £136.90 is worth £162.82 today with the annual uplifts, £185.15 - £162.82 = £22.33 / £5.29 = 4.2 years added to that 2016 figure. The actual 2016 starting amount may have been higher due to 15-16 being added but the principle is still the same but with only 4 years needed.

Jannearly50

Thank you for your replies makes more sense now. I hadn't thought about the effect of the annual uplift. I've sent away for a up to date occupational pension valuation which should be with me in 40 days!

xylophone

 I think you'll find it has been devalued each year in line with the prior year's September inflation figure. 

Revalued?

Dazed_and_C0nfused

xylophone said:

 I think you'll find it has been devalued each year in line with the prior year's September inflation figure. 

Revalued?

😳.  I'll blame my phone!

femalemonarchfemalecanine

Dazed_and_C0nfused said:

xylophone said:

 I think you'll find it has been devalued each year in line with the prior year's September inflation figure. 

Revalued?

😳.  I'll blame my phone!

The rate inflation is going, you could be right😁