State pension COPE

I've just done a state pension forecast for myself and my wife.
I'm forecast £164 and COPE figure of £30.
She's forecast £155 and COPE figure of £20.
We've both been contacted out for just a few years but no figures.
Searching the internet has confused me, as there is arguments both ways as to whether COPE is taken off pension forecast figure or not.
Anyone in the know give me a definitive answer please?
Also why my wife's forecast is lower as she has full NI contributions and lower COPE figure suggests less time that I had contacted out.
Thanks for any info.

I would say that the COPE element is what you would be expected to yield from your contracted out funds and thus is illustrative rather than actual. I see this as an addition to the basic. The cotracted out is from SERPS or whatever they now refer to it as.

...........but then who knows; are there no "definitions" on the form.

The only sure way to clarify is to ring them and ask.

B

I would have thought your wifes lower estimate will be because they determine she hasn't paid in a full amount of contributions. There is a web page somewhere on her forecast that will give her a full breakdown of contributions paid over the years.

My partner was in the same position a couple of years ago when we checked, she had a shortfall and we could see where, she's currently making this up with extra contributions and will receive a full pension when the time comes.

I can't help with the contracted out part of your query I'm afraid.

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Originally Posted by Brian

I would say that the COPE element is what you would be expected to yield from your contracted out funds and thus is illustrative rather than actual. I see this as an addition to the basic. The cotracted out is from SERPS or whatever they now refer to it as.

...........but then who knows; are there no "definitions" on the form.

The only sure way to clarify is to ring them and ask.

B

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Thanks. She hung on the phone yesterday for 40 mins before giving up.

https://www.bedspensionfund.org/acti...e_pension.aspx

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Originally Posted by Nigel306

I've just done a state pension forecast for myself and my wife.
I'm forecast £164 and COPE figure of £30.
She's forecast £155 and COPE figure of £20.
We've both been contacted out for just a few years but no figures.
Searching the internet has confused me, as there is arguments both ways as to whether COPE is taken off pension forecast figure or not.
Anyone in the know give me a definitive answer please?
Also why my wife's forecast is lower as she has full NI contributions and lower COPE figure suggests less time that I had contacted out.
Thanks for any info.

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I've been quoted £164 too but haven't seen a COPE figure??

I'm not even sure how long i was contracted out. I've been working since 1974 and have had the 35 years threshold for a while now.

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Originally Posted by Thewatchbloke

I would have thought your wifes lower estimate will be because they determine she hasn't paid in a full amount of contributions. There is a web page somewhere on her forecast that will give her a full breakdown of contributions paid over the years.

My partner was in the same position a couple of years ago when we checked, she had a shortfall and we could see where, she's currently making this up with extra contributions and will receive a full pension when the time comes.

I can't help with the contracted out part of your query I'm afraid.

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We've been on the online pension forecast and contributions and they are saying we've both got full contributions up to date, I need another 3 years to get full pension and she needs I think 5 years, but those 2 forecasts include getting up to full pension contributions anyway, so I can't see why they are so different.
No wonder there is so much confusion.

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Originally Posted by RD200

I've been quoted £164 too but haven't seen a COPE figure??

I'm not even sure how long i was contracted out. I've been working since 1974 and have had the 35 years threshold for a while now.

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If you got the quote on the .gov website, there was a line under the quote that said something like
"You were contacted out at some stage blah blah....." Click here.
And that took you to the COPE figure.

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Originally Posted by Nigel306

If you got the quote on the .gov website, there was a line under the quote that said something like
"You were contacted out at some stage blah blah....." Click here.
And that took you to the COPE figure.

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Aaaaah right cheers.

Your COPE estimate is*£44.09 a week is what it said

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I've never contracted out, but I have paid 35 years worth of NI contributions. Is there any benefit of contracting out once you've racked up the maximum 35 years, or are there still benefits not contracting out?

I'm not sure whether contracting out is actually an option

My COPE est is £55.81 a week but I've no idea what this means to me. Does it get taken off my pension ?

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Originally Posted by Maris

My COPE est is £55.81 a week but I've no idea what this means to me. Does it get taken off my pension ?

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No the cope won't affect your state pension.

https://assets.publishing.service.go...racted-out.pdf

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Originally Posted by RD200

No the cope won't affect your state pension.

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What is it for then ?

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Originally Posted by Maris

What is it for then ?

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Its been paid into your private or works pension. Click on that link, it'll explain better than i can. The important thing is it won't affect the state pension

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I'm assuming myself and anyone else who contacted out for a few years and still manages to get 35 years NI contributions into the state pension will benefit greatly.
If my COPE figure of £30 p/w does generate that much from being contacted out then that's a bonus of £1500 a year against staying in at the time and only getting a maximum of £164 p/w.
Unless I've read it wrong?

I like to think I am not a stupid / dumb ass , but with 3 years to go till I get the SP (got screwed to 66) I am no wiser now having reviewed my forecast what I will end up with than I was 40 years ago when I had just started work and paying NI for the guaranteed pension in old age.

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Originally Posted by Nigel306

I'm assuming myself and anyone else who contacted out for a few years and still manages to get 35 years NI contributions into the state pension will benefit greatly.
If my COPE figure of £30 p/w does generate that much from being contacted out then that's a bonus of £1500 a year against staying in at the time and only getting a maximum of £164 p/w.
Unless I've read it wrong?

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That's about the size of it i think

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Quote:

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Originally Posted by Nigel306

I'm assuming myself and anyone else who contacted out for a few years and still manages to get 35 years NI contributions into the state pension will benefit greatly.
If my COPE figure of £30 p/w does generate that much from being contacted out then that's a bonus of £1500 a year against staying in at the time and only getting a maximum of £164 p/w.
Unless I've read it wrong?

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& it's not now an option to contract out once you've hit the maximum 35 years?

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Originally Posted by RD200

That's about the size of it i think

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I'm still at a loss with this.
I've read your link but it's a few years out of date.
Reading this suggests the COPE amount will be deducted from the £164.35 pension figure.
This was updated Jan 2019......

To this end, the Government has decided it will deduct a sum from your new state pension – the equivalent of what you missed out on by being contracted out. It says that, while you'll get less than the full £164.35, retirees will still be paid what they would have got under the old state pension.

The sum is what the Government has coined your 'contracted out pension equivalent' (COPE) amount. If you ask*for a*state pension statement*from the Government it will include this amount.

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Originally Posted by Nigel306

I'm still at a loss with this.
I've read your link but it's a few years out of date.
Reading this suggests the COPE amount will be deducted from the £164.35 pension figure.
This was updated Jan 2019......

To this end, the Government has decided it will deduct a sum from your new state pension – the equivalent of what you missed out on by being contracted out. It says that, while you'll get less than the full £164.35, retirees will still be paid what they would have got under the old state pension.

The sum is what the Government has coined your 'contracted out pension equivalent' (COPE) amount. If you ask*for a*state pension statement*from the Government it will include this amount.

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I know it's very misleading but the facts are on that site somewhere.if youre quoted the full £164.35 that's what you'll get.


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COPE is not real, the clue is in the E for equivalent. It is an equivalent amount that you could be expected to receive from the contracted out pension, the actual amount received could be more or less. You will receive the amount stated on the forecast, COPE was only used in calculating the 2016 pension foundation amount and is already fully accounted for in forecast pension figure.



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Originally Posted by RD200

COPE is not real, the clue is in the E for equivalent. It is an equivalent amount that you could be expected to receive from the contracted out pension, the actual amount received could be more or less. You will receive the amount stated on the forecast, COPE was only used in calculating the 2016 pension foundation amount and is already fully accounted for in forecast pension figure.



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You are correct, I'm glad to say.

Just got off the phone after finally getting through to Pension Services, who confirmed what you said.
They agreed the information online is not clear and they have received numerous calls asking for clarification.
Thank you.

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Originally Posted by Nigel306

You are correct, I'm glad to say.

Just got off the phone after finally getting through to Pension Services, who confirmed what you said.
They agreed the information online is not clear and they have received numerous calls asking for clarification.
Thank you.

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You're welcome ive had the same agonising puzzles myself. It's very very misleading and why put it on at all??

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I recently made it to 65.

My State Pension is payed into my bank every 4 weeks.
It’s £775.76. That’s £193.94 a week. Or £840 a month.

Also, if you carry on working, which i’m doing 2-3 days a week.
You no longer pay national insurance.

I think it’s great!