Retiring

[SWP's back]

Thank you for the reply. Just got to eat shit for the next 15 years and then fingers crossed I'll be in good enough health to spend my pension on hookers and coke for a good ten years.
I'll probably waste the rest.

Remember you can take the DC without penalty from age 55 (including the PCLS - tax free lump sum) and you could take the DB earlier although it’s likely your scheme would reduce it considerably.

 

[Kazzydeyna]

Remember you can take the DC without penalty from age 55 (including the PCLS - tax free lump sum) and you could take the DB earlier although it’s likely your scheme would reduce it considerably.

Thanks. Yes, the DB figure reduces dramatically if I take it before 66. Something like 5% less for every year under 66 so about half if I took it at 55 along with a correspondingly smaller lump sum too.

I thank god I'm the age I am. If I was my kids age today these sort of pensions are almost impossible to get. And I've never had what you'd call amazing jobs either. Just lucky my employee for all those years had a final salary scheme.

 

[abu13]

With regard to the state pension, i have checked on the government website and me any the missus have one year each to contribute to get the full state pension.

But i am unsure of the COPE element of the figures so any help would be appreciated.

The wife works in a school and her COPE is showing at £7.54 per week.
I have always worked in the private sector and my COPE is showing at £58.80 per week.

So am i correct in saying that we take the maximum figure of £177 a week or whatever it is and then deduct the COPE and that leaves the figure that we would receive from the Government?

 

[RobMCFC]

With regard to the state pension, i have checked on the government website and me any the missus have one year each to contribute to get the full state pension.

But i am unsure of the COPE element of the figures so any help would be appreciated.

The wife works in a school and her COPE is showing at £7.54 per week.
I have always worked in the private sector and my COPE is showing at £58.80 per week.

So am i correct in saying that we take the maximum figure of £177 a week or whatever it is and then deduct the COPE and that leaves the figure that we would receive from the Government?

There was some discussion on the COPE figure on this thread a few weeks ago. As I understand it, you do NOT have to subtract the COPE figure - they are just showing how much your contracted-out pension should be paying you. It’s for guidance only.

If it says £177, then that’s what the government will pay you (subject to change if laws/rules change before you reach state pension age, of course).

Checked mine a few weeks ago and mine’s about £175 as I have a few years contracted out.

 

[Millwallawayveteran1988]

With regard to the state pension, i have checked on the government website and me any the missus have one year each to contribute to get the full state pension.

But i am unsure of the COPE element of the figures so any help would be appreciated.

The wife works in a school and her COPE is showing at £7.54 per week.
I have always worked in the private sector and my COPE is showing at £58.80 per week.

So am i correct in saying that we take the maximum figure of £177 a week or whatever it is and then deduct the COPE and that leaves the figure that we would receive from the Government?

No. That’s not correct.

Your state pension forecast explained - Which?

Your state pension forecast estimates how much state pension you'll get from the government. Find out what the state pension forecast includes and how you can get one.

www.which.co.uk

 

[ganganvince]

There was some discussion on the COPE figure on this thread a few weeks ago. As I understand it, you do NOT have to subtract the COPE figure - they are just showing how much your contracted-out pension should be paying you. It’s for guidance only.

If it says £177, then that’s what the government will pay you (subject to change if laws/rules change before you reach state pension age, of course).

Checked mine a few weeks ago and mine’s about £175 as I have a few years contracted out.

That's correct

 

[abu13]

There was some discussion on the COPE figure on this thread a few weeks ago. As I understand it, you do NOT have to subtract the COPE figure - they are just showing how much your contracted-out pension should be paying you. It’s for guidance only.

If it says £177, then that’s what the government will pay you (subject to change if laws/rules change before you reach state pension age, of course).

Checked mine a few weeks ago and mine’s about £175 as I have a few years contracted out.

Thank f**k for that,

I have 14 years to go yet and was thinking that the £175.20 less the £58.80 would mean I only would get £116.40 a week x 52 weeks = £6052 a year.
I thought i was going to have to fund the £3k shortfall from my Company pension.

If that's not the case and I will get the full £175.20 as it stands today i might actually get some sleep tonight.

 

[denislawsbackheel]

Thank f**k for that,

I have 14 years to go yet and was thinking that the £175.20 less the £58.80 would mean I only would get £116.40 a week x 52 weeks = £6052 a year.
I thought i was going to have to fund the £3k shortfall from my Company pension.

If that's not the case and I will get the full £175.20 as it stands today i might actually get some sleep tonight.

the poster is wrong.
See my post below.
You can buy up to 6 missing years by making voluntary class 3 contributions of circa £800 a year. You get it back within 3 years through extra pension payments.
Have you gone on line and asked for a forecast?

 

[denislawsbackheel]

No. That’s not correct.

Your state pension forecast explained - Which?

Your state pension forecast estimates how much state pension you'll get from the government. Find out what the state pension forecast includes and how you can get one.

www.which.co.uk

Have you read that?

It clearly says COPE is taken off your state pension and should be made up by your work pension.

This quote is from your link.

“COPE is the equivalent of the additional state pension you would have got if you had not been contracted out of it during your career, meaning you save more into a private pension instead of the additional state pension. So you won’t get this as part of your state pension, but should get it instead from your workplace or personal pension scheme for the periods you were contracted out.”

 

[ganganvince]

Have you read that?
It clearly says COPE is taken off your state pension and should be made up by your work pension.

Had an appointment with pension wise a couple of weeks ago to discuss this and the COPE figure is for reference only the figure you recieve is the one on front page