State pension amount

molerat

As your forecast is in excess of £230.25 you had already exceeded the max at April 2016 and nothing you have done since has added to that amount outside the annual uplift.  Click here https://www.tax.service.gov.uk/check-your-state-pension/account/cope whilst logged into your tax account and that will give you the COPE amount.  Seems strange to be in excess of the max with a fair contracted out period but the COPE will give a clue to that.

xylophone

The full new state pension is currently £230.25.

You have slightly more than this despite the fact that for a number of years you were contracted out.

See this post

https://forums.moneysavingexpert.com/discussion/comment/81633884/#Comment_81633884

grn99

Thanks for the link etc- most helpful.

The COPE came back as …

Contracted Out Pension Equivalent (COPE)

Your COPE estimate is £28.61 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

So, does this mean the SP will be 28.61/wk less than the max NSP as the employer’s scheme is deemed to include it??

molerat

So, does this mean the SP will be 28.61/wk less than the max NSP

No, what you see is what you will get.  The COPE only affected the new pension calculation at April 2016 so is already factored in to the forecast. 

This will not affect your State Pension forecast.

 Yours is quite out of the norm from what we usually see here, contracted out with a reasonable COPE amount but still above the full pension.

MallyGirl

It says cope will not affect your forecast. You will get the full amount in the forecast

grn99

Thanks everyone - sorry to be so confused 😬

MallyGirl

grn99 said:

Thanks everyone - sorry to be so confused 😬

It is something that gets asked a lot - it is always better to ask if you are unsure. The HMRC wording is better than it used to be.