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    • GDB2222
    • By GDB2222 5th Jun 17, 8:19 PM
    • 14,382Posts
    • 77,693Thanks
    GDB2222
    State pension forecast and COPE
    • #1
    • 5th Jun 17, 8:19 PM
    State pension forecast and COPE 5th Jun 17 at 8:19 PM
    I have my state pension forecast for when I reach retirement age later this year. It shows a pension of 159.55 pw, which I understand is the maximum.

    What is confusing me is that it also shows a COPE of 16 pw. DWP told me that I will get the 159.55 from them, without any deduction.
    In which case, why have they shown the COPE amount?

    Can anyone explain, please?
    No reliance should be placed on the above! Absolutely none, do you hear?
Page 3
    • dunstonh
    • By dunstonh 16th Apr 18, 12:27 AM
    • 92,564 Posts
    • 59,863 Thanks
    dunstonh
    Mine was a DB scheme. So i think you're saying the benefit i derived was from paying a lower NI rate, rather than an increase in pension benefits ? Is that correct ?
    Yes. (with the scheme itself covering some of it within the defined benefits).

    Bottom line is that you have nothing to check.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Silvertabby
    • By Silvertabby 16th Apr 18, 12:03 PM
    • 2,718 Posts
    • 3,877 Thanks
    Silvertabby
    Mine was a DB scheme. So i think you're saying the benefit i derived was from paying a lower NI rate, rather than an increase in pension benefits ? Is that correct ?

    Thanks
    Originally posted by SwanseaVillan
    The accrual rate of a DB scheme is set by the scheme number crunchers and is determined by affordability - ie, money coming in from employees, employers and - and this could be the vital bit - the employer's 3.5% NI rebate (no longer applicable) - against future liabilities.

    Some pension schemes may have applied a lower accrual rate (thereby paying a lesser pension) without the benefit of the employer's NI rebate. Or they may have increased the employee and/or employer's contributions. I doubt we'll ever know for sure!
    Last edited by Silvertabby; 16-04-2018 at 1:25 PM.
    • GunJack
    • By GunJack 16th Apr 18, 2:11 PM
    • 10,108 Posts
    • 7,573 Thanks
    GunJack
    Mine was a DB scheme. So i think you're saying the benefit i derived was from paying a lower NI rate, rather than an increase in pension benefits ? Is that correct ?

    Thanks
    Originally posted by SwanseaVillan
    rather than an increase in STATE pension benefits, but you will have whatever pension that you earned in the DB scheme AS WELL as your state pension...
    ......Gettin' There, Wherever There is......
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