COPE

[JonnyT]

Whilst I know I've been contracted out in the past my pension estimate shows a COPE of £43pw but my state pension forecast is actually for the full amount £213.97pw

Will I actually get £213.97 - £43 from my state pension or will I get the full amount?

[y0rkiebar]

My understanding is that the COPE amount does not affect your pension forecast amount.
So you will get your state pension at the forecasted amount (£213.97) + an additional amount (COPE) which depends upon how that COPE amount was invested etc.

I'm in the same situation, full state pension forecast + a COPE amount of approx £40/wk. My SERPS contracted out ££ was invested in a personal pension and that's effectively my COPE "pot", which I can do with as I wish.

[Dod101]

Whilst I know I've been contracted out in the past my pension estimate shows a COPE of £43pw but my state pension forecast is actually for the full amount £213.97pw

Will I actually get £213.97 - £43 from my state pension or will I get the full amount?

Seems appropriate to say 'Hey Johnnie Cope, are you waukin' yet?'

Dod

[swill453]

My understanding is that the COPE amount does not affect your pension forecast amount.
So you will get your state pension at the forecasted amount (£213.97) + an additional amount (COPE) which depends upon how that COPE amount was invested etc.

Or spent! Currently you could have got access to your COPE up to 12 years earlier than your state pension.

Scott.

[mc2fool]

Whilst I know I've been contracted out in the past my pension estimate shows a COPE of £43pw but my state pension forecast is actually for the full amount £213.97pw

Will I actually get £213.97 - £43 from my state pension or will I get the full amount?

The COPE is used in calculating your 2016 "starting amount", so it's already been taken into account and £213.97pw is what you'll get (in today's numbers).

However, the full new state pension is £203.85 per week, so if your forecast shows £213.97pw then you must have had a period when you weren't contracted out and had a decent enough salary to have built up a significant amount of additional state pension (ASP) from the earnings related contributions you made (SERPS/S2P).

The excess over the full new state pension, of £10.12, is called the "protected payment" and will increase by CPI, whereas the £203.85 will go up by the triple lock.