Understanding COPE . . . . . . . . .

The_Salad

Hello.

My current state pension estimate based on my current NI record is £140.32 per week (according to gov.uk).
My current COPE estimate is £61.73.

I've been reading lots but still don't understand how COPE affects my state pension.  Do I need to deduct £61.73 from the £140.32 to get the true figure?

Hoping to be enlightened. Thanks.

jem16

COPE was used once back in April 2016 to calculate your Starting Amount under the new system. You can basically ignore it now. 

You will get the £140.32 unless you make further contributions to increase it. 

xylophone

See

https://forums.moneysavingexpert.com/discussion/6434805/new-state-pension-contracting-out-and-cope#latest

MallyGirl

xylophone said:

https://www.thisismoney.co.uk/money/saving/article-11895141/Four-savings-providers-easy-access-rates-BoE-hike.html

how is this relevant to the OP?

geordiejon

If you were contracted out of the additional state pension you would have paid a lower rate of National Insurance contributions because you were contributing to a workplace or personal pension instead and this means that your new state pension amount may be lower than that of someone who was not contracted out.

 

The workplace or personal pension that you paid into instead of the additional state pension should include an amount that, in most cases, will be the equivalent of the additional state pension you would have got if you had not been contracted out.

 

The COPE amount on your State Pension Forecast is an estimate of the amount that your workplace or personal pension scheme will pay you as a result of contracting out.  It is only an estimate because the amount that a workplace or personal pension scheme will pay you depends on the particular regulations of that scheme. 

so at the moment your pension rate is £140.32 per week.

you should be also getting at least 61.73 from a workplace pension according to gov.

this will give you your total at the moment but as stated above you may be able to increase your pension rate by making contributions for your missed years.

i think a lot of people who have posted recently here don't include their workplace pensions in there totals and thats where confusion comes from.

xylophone

how is this relevant to the OP?

It's not relevant to his question re COPE which I answered in post above. - comment re savings inserted in error - have removed.