State Pension Forecast / COPE

Mick70

I know this has been discussed before but just wanted to check

If I log onto govt gateway to check my state pension forecast

my forecast is £185pw, £9660pa (which i think is maximum SP as at todays date 290323), it does say below this that I still need to pay in 2 years NI.

However
below that it says "like most people you have been contracted out of part of the state pension" and then you click on the link  and it produces the below statement, is this something I should be concerned about ?

I was in a final salary pension scheme until a few year back if that helps ?

thank you for advice,
Mick

You were contracted out

In the past you’ve been ‘contracted out’ of the additional State Pension.

When you were contracted out:

• you and your employers paid lower rate National Insurance contributions, or
• some of your National Insurance contributions were paid into another pension scheme, such as a personal or stakeholder pension

The amount of additional State Pension you would have been paid if you had not been contracted out is known as the Contracted Out Pension Equivalent (COPE).

Contracted Out Pension Equivalent (COPE)

Your COPE estimate is £61.20 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.

Find out more about COPE and contracting out (opens in new tab)

Mick70

 By way, my wife's is similar but hers shows a COPE amount of £8.50 per week

Contracted Out Pension Equivalent (COPE)

Your COPE estimate is £8.50 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.

Find out more about COPE and contracting out (opens in new tab)

Flugelhorn

The COPE statement will have no impact on the amount of your state pension 

xylophone

See https://forums.moneysavingexpert.com/discussion/comment/79949497#Comment_79949497

The COPE was used once only in the calculation as described in the above.

Mick70

so does it mean we can both simply ignore  the message  and will get full state pension ?

geordiejon

you will get the full state pension, the cope amount indicates you both have an additional pension from your employment somewhere and this will be on top of your gov pension but paid by the employer pension scheme.

Dazed_and_C0nfused

Mick70 said:

so does it mean we can both simply ignore  the message  and will get full state pension ?

No idea for your wife but not for you no.

You have already said you need to add a further two years to reach £185.15/week.

my forecast is £185pw, £9660pa (which i think is maximum SP as at todays date 290323), it does say below this that I still need to pay in 2 years NI.

Mick70

Dazed_and_C0nfused said:

Mick70 said:

so does it mean we can both simply ignore  the message  and will get full state pension ?

No idea for your wife but not for you no.

You have already said you need to add a further two years to reach £185.15/week.

my forecast is £185pw, £9660pa (which i think is maximum SP as at todays date 290323), it does say below this that I still need to pay in 2 years NI.

sorry i meant ignoring the 2 full years NI i still need to pay (hope to retire in 4yr). my wife has full NI years in already.
thank you for reply by way , helps the likes of me a lot 

Dazed_and_C0nfused

Mick70 said:

Dazed_and_C0nfused said:

Mick70 said:

so does it mean we can both simply ignore  the message  and will get full state pension ?

No idea for your wife but not for you no.

You have already said you need to add a further two years to reach £185.15/week.

my forecast is £185pw, £9660pa (which i think is maximum SP as at todays date 290323), it does say below this that I still need to pay in 2 years NI.

sorry i meant ignoring the 2 full years NI i still need to pay (hope to retire in 4yr). my wife has full NI years in already.
thank you for reply by way , helps the likes of me a lot 

In that case then yes you can rest assured, you will get £185.15/week.

Which becomes £203.85/week in a week or so 😄

marie_hc

Can anyone tell us how you get your COPE   hubby was contracted out  he is post 2016 

he requested a forecast a dew years ago  which showed  his state pension and COPE on next page .

He had been on gateway and requested forecast prior to retiring. But it does not show his COPE as last tiem.

His forecast only shows state pension how would we find out about his COPE part he has not claimed his pension as they say he is still short  he has 43 years qualifying years with 2 years to pay  he is now 67 

molerat

On your pension forecast there is a section "You've been in a contracted-out pension scheme" with a click link to the COPE.  The COPE amount does not change, it is fixed at the 2016 amount so if he has an old print out showing it then it is the same.