Pension Pot

[NorthamptonBlue]

This bit is the clincher I think

"However, the good news is that you may still get a full ‘flat rate’ pension of £175.20 when you retire. This is because all of the years you work from 16/17 onwards are adding to your pension and slowly wiping out the impact of the deduction for contracting out."

In my case my 2 or 3 years CO have already been made up, Hammocity probably still has a couple to go to get back to full SP

I had 43 years in when I retired early but quite a lot of contracted out years. I’ve been paying voluntary contributions to bounce my state pension up to the full amount. It costs just under £800 a year and I should break even if I make it to 74. If I don’t, then I won’t care.

 

[Millwallawayveteran1988]

I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?

The £9669.

Contracted out of the Additional State Pension

Check if you were contracted out of the Additional State Pension and what it means for your State Pension

www.gov.uk

A tad complex when written by the government but explains it in a bit more detail.

 

[Citizen of Legoland]

I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?

£9669. The COPE figure is for info only.

 

[RobMCFC]

I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?

You don’t have to knock the £50.06 off - it’s not always clear but I’ve seen it stated in a few places that any COPE amount is for illustration only and has already been knocked off the total.

So if they say £179.60, that’s what they mean. The COPE figure Is just to show you that they’ve taken account of the contracted out period.

 

[Citizen of Legoland]

You don’t have to knock the £50.06 off - it’s not always clear but I’ve seen it stated in a few places that any COPE amount is for illustration only and has already been knocked off the total.

So if they say £179.60, that’s what they mean. The COPE figure Is just to show you that they’ve taken account of the contracted out period.

I found this from a website that explains what that COPE figure us …

“It is simply provided as an indication of the additional retirement income you may receive in retirement from your Contracted Out plan.”

That income is of course part of the private pension(s) where the contributions went into.

 

[bluemonkey71]

The government keep nudging the age you can collect it after you’ve worked yourself to death paying NI for years. I think their plan is that you pop your clogs before you collect it. Phuckers.

 

[abu13]

£9669. The COPE figure is for info only.

Well that's a relief I was sure this was the case but wanted to check.

 

[flook]

The government keep nudging the age you can collect it after you’ve worked yourself to death paying NI for years. I think their plan is that you pop your clogs before you collect it. Phuckers.

The argument for raising state pension age was that people were living longer, however the last figures show this is no longer the case, so obviously the retirement age will be lowered again shortly won't it..............

 

[hammocity]

When my Mrs was getting hers and we needed to buy back some lost years it was always made clear in the letter it was an estimate.

Thanks, I’ll try to get an accurate assessment, I know thanks to you and others it’s important to do so.

 

[denislawsbackheel]

The argument for raising state pension age was that people were living longer, however the last figures show this is no longer the case, so obviously the retirement age will be lowered again shortly won't it..............

There is pressure on govt to stop the rise in age after next because of this.