Crankcase's thread has reminded me that I've never got to the bottom of whether I'm allowing myself to be misled by the govt webpage. My pension is payable from Nov 2021.
The front page says my forecast is £183.61 a week.
Underneath it says
"Your forecast
is not a guarantee and is based on the current law
is based on your National Insurance record up to 5 April 2019
does not include any increase due to inflation
£183.61 is the most you can get
You cannot improve your forecast any more."
This is presumably therefore my "starting point", though it doesn't say so in as many words.
It then talks about my having been contracted out, and links to another bit which says my Contracted Out Pension Equivalent is £81.86 a week. It goes on to say
"This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government."
On another page tinyurl.com/ycwhsjos it says, amongst other things, "f you have been contracted-out of the Additional State Pension at any time before 6 April 2016, we have made a deduction when working out your starting amount for the new State Pension."
I am no longer in the other pension scheme, having moved it to a SIPP a year or so back. I realise that transfer value probably included an allowance for the COPE.
So what I don't think is too clear, (although I think I know the answer) is whether they will deduct the COPE from the pension, so they will pay me a bit over £100 a week.
I engaged an IFA a couple of years back but he couldn't say. When I called the govt helpline they said to ask for it in writing as that way it has to be recalculated. The answer in writing was the same, so I'm none the wiser.
Anyone want to hazard a guess how much I'll get?
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Mine is similar, also with a COPE amount of about £85 I think.
I found all sorts of definitive statements telling me it would be deducted from my current £165 a week estimate. I also found all sorts of definitive statements telling me it wouldnt.
I gave up in the end. Whatever I get in 2029 (age 67) will be lovely, thank you, if indeed it's anything at all. Just have to wait and see.
If I were relying on my state pension to eat, I'd be a lot more proactive about finding out, no doubt.
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They say
"This will not affect your State Pension forecast..."
and "If you have been contracted-out of the Additional State Pension at any time before 6 April 2016, we have made a deduction when working out your starting amount for the new State Pension."
Which to me means you will get £183 plus whatever next April's increase is.
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State pension estimate - Crankcase
