Confusion about my state pension forecast

Imhuman

I have a quote from DWP which says that I cannot improve my forecast anymore any more. I had been working on the assumption that any further years of working and paying NI contributions would eventually wipe out my few years of COPE. 

I really am confused re the prediction as on the reverse of this letter states my cope estimate which says it will not affect my State Pension forecast it will be paid by the private pension scheme and not highlighted by them. 
I just want to know what will I actually receive from the government. The figure on the front of my letter or the figure less the COPE bit? I have just retired a bit early partly on the basis of the front of the letter. To me it isn’t clear. I did phone DWP who said it was the front figure ….but then why include the COPE figure?

TadleyBaggie

Ignore the COPE amount, you get whatever the forecast says. COPE just means you have another pension somewhere that is going to be paying a bit more that it would.

whizzywoo

The Cope is NOT deducted from your State Pension figure.

It's just there for information as to what the Government think you will be getting from your private/works pension. 

Although it does say it won't affect your State Pension it's not particularly clear.   I spent years thinking it would be deducted!  

jem16

Imhuman said:

I just want to know what will I actually receive from the government. The figure on the front of my letter or the figure less the COPE bit? I have just retired a bit early partly on the basis of the front of the letter. To me it isn’t clear. I did phone DWP who said it was the front figure ….but then why include the COPE figure?

The COPE figure was used in April 2016 to calculate your Starting Amount under the new system. Now you can just ignore it and concentrate on the forecast figure itself.

If it says you cannot improve your pension are you now forecast to receive £185.15?

molerat

How many figures are on the forecast ?  If only one with the cannot improve statement then that is what you will get.

xylophone

I really am confused re the prediction

From Mystic Meg?

The Contracted Out Pension Equivalent represents the pension that you would have accrued as SERPS/S2P had you not been contracted out.

The idea was that you would receive at least this amount from the contracted out pension scheme (s) to which you belonged.

The likelihood is that you will receive more but there could be circumstances where it would be less, usually because the assets in which your fund was invested did not receive at least the expected return.

The COPE was used once only  on 6/4/16 in calculating your "starting amount" for NSP.

Old Rules 

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

New Rules

(NI years (max 35)/35 x Full New State Pension) - (where applicable) Contracted Out Pension Equivalent.

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

If it was less than a full new state pension, there was the possibility of improving your forecast up to (but not in excess of) a full new state pension via additional contributions or credits.

What exactly is the amount shown on your forecast as

Estimate based on your NI record up to  5 April 2021 (possibly 2022)?

When do  you reach State Pension Age?

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

Above was produced as a guide to the NSP.