closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Results 1 to 25 of 25

Thread: State pension COPE

  1. #1
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394

    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.

  2. #2
    Master
    Join Date
    May 2005
    Location
    Cheshire, UK
    Posts
    4,238
    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

  3. #3
    Master Thewatchbloke's Avatar
    Join Date
    Dec 2010
    Location
    Berkshire UK
    Posts
    6,255
    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.

  4. #4
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    Quote Originally Posted by Brian View Post
    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
    Thanks. She hung on the phone yesterday for 40 mins before giving up.

  5. #5
    Grand Master Chris_in_the_UK's Avatar
    Join Date
    Nov 2004
    Location
    Norf Yorks
    Posts
    35,140
    When you look long into an abyss, the abyss looks long into you.........

  6. #6
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Nigel306 View Post
    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'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.

    Sent from my F3311 using Tapatalk

  7. #7
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    Quote Originally Posted by Thewatchbloke View Post
    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.
    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.

  8. #8
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    Quote Originally Posted by RD200 View Post
    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.

    Sent from my F3311 using Tapatalk
    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.

  9. #9
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Nigel306 View Post
    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.
    Aaaaah right cheers.

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

    Sent from my F3311 using Tapatalk
    Last edited by RD200; 5th February 2019 at 14:05.

  10. #10
    Master
    Join Date
    Apr 2016
    Location
    Yorkshireman at heart
    Posts
    1,375
    Blog Entries
    2
    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

  11. #11
    Master
    Join Date
    Jul 2009
    Location
    Brum
    Posts
    1,752
    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 ?

  12. #12
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Maris View Post
    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 ?
    No the cope won't affect your state pension.
    Last edited by RD200; 5th February 2019 at 15:33.

  13. #13
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    https://assets.publishing.service.go...racted-out.pdf

    Sent from my F3311 using Tapatalk

  14. #14
    Master
    Join Date
    Jul 2009
    Location
    Brum
    Posts
    1,752
    Quote Originally Posted by RD200 View Post
    No the cope won't affect your state pension.
    What is it for then ?

  15. #15
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Maris View Post
    What is it for then ?
    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

    Sent from my F3311 using Tapatalk

  16. #16
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    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?

  17. #17
    Journeyman
    Join Date
    Jan 2019
    Location
    wakefield
    Posts
    122
    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.

  18. #18
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Nigel306 View Post
    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?
    That's about the size of it i think

    Sent from my F3311 using Tapatalk

  19. #19
    Master
    Join Date
    Apr 2016
    Location
    Yorkshireman at heart
    Posts
    1,375
    Blog Entries
    2
    Quote Originally Posted by Nigel306 View Post
    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?
    & it's not now an option to contract out once you've hit the maximum 35 years?

  20. #20
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    Quote Originally Posted by RD200 View Post
    That's about the size of it i think

    Sent from my F3311 using Tapatalk
    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 Ė 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.

  21. #21
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Nigel306 View Post
    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 Ė 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.
    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.


    Sent from my F3311 using Tapatalk

  22. #22
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    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.



    Sent from my F3311 using Tapatalk

  23. #23
    Craftsman
    Join Date
    Mar 2017
    Location
    West Midlands
    Posts
    394
    Quote Originally Posted by RD200 View Post
    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.



    Sent from my F3311 using Tapatalk
    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.

  24. #24
    Journeyman
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    239
    Quote Originally Posted by Nigel306 View Post
    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.
    You're welcome ive had the same agonising puzzles myself. It's very very misleading and why put it on at all??

    Sent from my F3311 using Tapatalk

  25. #25
    Journeyman
    Join Date
    Dec 2018
    Location
    Bridgnorth Shropshire
    Posts
    58
    I recently made it to 65.

    My State Pension is payed into my bank every 4 weeks.
    Itís £775.76. Thatís £193.94 a week. Or £840 a month.

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

    I think itís great!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •