COPE clarification 12 March at 4:43PM in Pensions, annuities & retirement planning 5 replies 236 views

buyhighselllow

I have 35 full contributions but still need 2 years after this year to get full SP ( current estimate £170.21)

I have always paid Class 2 or class 4 ( mainly class 2, class 4 for about 8 years) and worked always in the NHS since uni and paid into the NHS pension scheme.

I have a COPE estimate of £52.74 per week as I was apparently contracted out at some point.  Is this an amount I will be paid in addition to my SP ? when will receive it ?  I can't really get my head around it. 

westv

The Contracted Out Pension Estimate is purely a figure showing what you might have got if you had not contracted out and has no relevance to what you will be getting.

molerat

And it was only ever used in the calculation of your 2016 starting amount.  It has no real life significance.  The NHS pension is contracted out.

xylophone

The NHS pension is contracted out.

The NHS Pension Scheme was contracted out between  6/4/78 (introduction of SERPS) and   5/4/16.

6/4/16 saw the introduction of New State Pension and the end of contracting out for Defined Benefit Schemes (like NHSPS) - it ended for Defined Contribution Schemes 5/4/2012.

dunstonh

I have a COPE estimate of £52.74 per week as I was apparently contracted out at some point.  

As you NHS scheme booklet would have told you, it was a contracted out scheme.

I can't really get my head around it. 

Read the notes on the forecast.  it tells you on ther.

xylophone

I have a COPE estimate of £52.74 per week as I was apparently contracted out at some point.

See above.

See also (for "Rebate Derived Amount" read COPE (Contracted Out Pension Equivalent).

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

See also

https://forums.moneysavingexpert.com/discussion/6431160/additional-ni-contributions-if-you-have-full-history-but-were-contracted-out/p1