Abbey Life Serps

GE0RDIE

I vaguely remember opting out of SERPS in 1990 and going with Abbey Life. 
I'm almost 60 so looking at my options. I've checked the GOV website and I get full state pension when I'm 67 (£221?) .
It mentions £50 a week from COPE. Is that something to do with Abbey Life? I've never had any communications with Abbey Life since 1990, and I've moved a few times. 
I've tried searching Abbey Life and it appears they have been taken over by Phoenix Life. 
I can't fill in any forms at Phoenix Life to inform them of my change of address as all forms etc ask for my Policy Number, which I don't have. 
If the COPE £50 is from Abbey Life and I can't get it til I'm 67, then there's no hurry, but they should still have my current details.
Can anyone help?

dunstonh

It mentions £50 a week from COPE. Is that something to do with Abbey Life? I've never had any communications with Abbey Life since 1990, and I've moved a few times. 

COPE is a figure calculation in the transition from the old state pension to the new state pension.

I've tried searching Abbey Life and it appears they have been taken over by Phoenix Life. 

They changed hands several times but Phoenix is the current owner.

I can't fill in any forms at Phoenix Life to inform them of my change of address as all forms etc ask for my Policy Number, which I don't have. 

Send it in writing along with your previous addresses, your NI number, and date of birth.  

If the COPE £50 is from Abbey Life and I can't get it til I'm 67, then there's no hurry, but they should still have my current details.

You can get access to it from 55.   And it won't be £50.   It will have a fund value and it will depend on how you access that fund.

Albermarle

When you opted out of SERPS, some of your NI contributions were diverted as contributions to a pension with Abbey Life. So each month you were employed and opted out of SERPS, a monthly contribution would have gone into  this pension pot. Plus there should be investment growth over the years.
At some point this opt system was stopped about 9 years ago.

So there will be a pension pot out there somewhere with your name on it.

I would not worry too much about the COPE figure, just get the details of this pension pot somehow !

Marcon

GE0RDIE said:

I vaguely remember opting out of SERPS in 1990 and going with Abbey Life. 
I'm almost 60 so looking at my options. I've checked the GOV website and I get full state pension when I'm 67 (£221?) .
It mentions £50 a week from COPE. Is that something to do with Abbey Life? I've never had any communications with Abbey Life since 1990, and I've moved a few times. 
I've tried searching Abbey Life and it appears they have been taken over by Phoenix Life. 
I can't fill in any forms at Phoenix Life to inform them of my change of address as all forms etc ask for my Policy Number, which I don't have. 
If the COPE £50 is from Abbey Life and I can't get it til I'm 67, then there's no hurry, but they should still have my current details.
Can anyone help?

See https://www.phoenixlife.co.uk/customer-centre/manage-my-policy/manage-my-policy-abbeylife-assurance-company-limited/change-of-personal-information

Print off their change of address form (which asks for policy details 'if you have them') and post off.

GE0RDIE

Many thanks. Just to confirm, I can access the COPE part of my state pension from 55? 
Also, what have Abbey Life / Phoenix Life been doing for 34 years? I haven't paid them any money. Do they get something from NI contributions?

xylophone

Are you sure that the COPE relates solely to the pension with Abbey Life?

Have you ever been in any other contracted out pension scheme?

https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service

The Contracted Out Pension Equivalent (COPE)

The pension you get from your workplace or personal pension scheme for the periods you were contracted out, 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. This is your Contracted Out Pension Equivalent (COPE) amount.

An estimate of your COPE will be shown if you use the online Check your State Pension service or if you request a State Pension Statement through the post. The COPE amount is based on your National Insurance contribution record up to 5 April 2016 used to calculate your Starting Amount for the new State Pension. The COPE estimate shown in your statement is based on April 2016 State Pension rates.

If you were a member of 2 or more contracted out schemes, the COPE amount shown is based on all your schemes and covers all the years you were contracted out.

We will not know the exact amount your scheme will pay you as a result of contracting-out as it will depend on the actual rules of your private scheme, and possibly any investment choices you may make.

An SAR to HMRC might well throw up contracted out pension schemes of which you were a member.

https://www.gov.uk/guidance/hmrc-subject-access-request

Marcon

GE0RDIE said:

Many thanks. Just to confirm, I can access the COPE part of my state pension from 55? 
Also, what have Abbey Life / Phoenix Life been doing for 34 years? I haven't paid them any money. Do they get something from NI contributions?

You can access your Abbey Life benefits from age 55. You paid full NI contributions and while you chose to 'contract out' of SERPS using Abbey Life, part of that NI contribution was paid to Abbey Life ('rebated') to fund your pension with them.

Assuming you had no other periods of contracting out the COPE figure (in broad terms) represents the amount of SERPS benefits forgone as a result of your choice. It may or may not be £50 a week - depends how well the funds performed. Could be more, could be less - but that's the amount the state has decided so not open to negotiation!

Albermarle

GE0RDIE said:

Many thanks. Just to confirm, I can access the COPE part of my state pension from 55? 
Also, what have Abbey Life / Phoenix Life been doing for 34 years? I haven't paid them any money. Do they get something from NI contributions?

As with all pension providers, they will be charging a fee that will be coming out of your pension pot. Normally investment growth in the pension will be significantly higher than any fees taken, so it should have grown over the years.
The COPE figure is not important for you, you just need to find this pension.