has COPE been increased ?

gamston

hi all, just checked my second pension payslip, and seems short of the full increase i was expecting
last year my COPE was £107 pw, my gross pension was just over £36K so without cope it was around £30K
pension increase on the £30K was 10.1% 
pension increase on COPE £6K should be 3% 
looking at what i'm getting (second tax month in ) it appears I'm only getting the 10.1%

anyone else checked their pension

westv

The COPE figure has no relevance to what you will get. I don't know why people don't just ignore it.

gamston

isn't COPE part of the company pension ?
my COPE is around 1/6 of my company pension so has a lot of relevance on what i get

molerat

Are you actually referring to GMP ? 

xylophone

I think that there is a misunderstanding here.

Are you yet in receipt of your state pension?

Or are you saying that the COPE figure you cite is what is shown on your state pension forecast?

Or are you saying that you are in receipt of the old state pension and what you mean by COPE is the COD shown on your old state pension statement?

With regard to your company pension, what is your pre 88 GMP?

And post 88 GMP?

And excess over GMP?

And the month in which your company pension applies the annual increase?

And the indexing applied to your company pension? Uncapped RPI? Uncapped CPI?

Something else?

xylophone

And is your pension from a public service scheme (if so which) or a  company scheme?

And are you male or female?

gamston

xylophone said:

I think that there is a misunderstanding here.

Are you yet in receipt of your state pension?

Or are you saying that the COPE figure you cite is what is shown on your state pension forecast?

Or are you saying that you are in receipt of the old state pension and what you mean by COPE is the COD shown on your old state pension statement?

With regard to your company pension, what is your pre 88 GMP?

And post 88 GMP?

And excess over GMP?

And the month in which your company pension applies the annual increase?

And the indexing applied to your company pension? Uncapped RPI? Uncapped CPI?

Something else?

sorry your right its the opted out part of my pension I'm on about ( GMP ?)  

your questios
YES
YES
not sure what you mean
not sure about 88 GMP

month pension applied April, (10 / 4/ 23) so second payslip ( 20/4 to 19/5) should show all weeks as new pension rate
pension increase is uncapped CPI  (stated company pension rise 10.1 %)

p00hsticks

Are you sure that it is not an effect of the tax code applied to your personal pension going down in order to cater for your (taxable but not taxed at source) state pension going up ? (we have had a few queries on a similar subject on these boards recently).  

gamston

company scheme (british Rail)
only rough figures and its only £100 pa less that i was expecting

the company FAQ is poor as is the "increased pension letter"  that arrives later this month
it laying out how the increase is applied to me

xylophone

You are in receipt of a pension from the British Rail Scheme.

If you were a member of the Scheme between 6/4/78 and 5/4/97 you will have a Guaranteed Minimum Pension as part of your scheme pension.

You are male and started receiving your scheme pension before you reached age 65.

Your pension increased each year by uncapped CPI.

However, you reached age 65 at some point last year.

Your scheme pension will now be split into its component parts.

Pre 88 GMP  (no increase applied).

Post 88 GMP (increased by up to 3% CPI).

Excess over GMP (increased by uncapped CPI).

https://member.railwayspensions.co.uk/resources/news/2023/04/07/what-is-the-annual-pension-increase-for-2023-24-financial-year#:~:text=members stay connected-,What is the annual pension,the 2023/24 financial year?&text=For the 2023/24 year,effective from 10 April 2023.