Making sense of State Pension statement Making sense of State Pension statement
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  1. #1

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    Default Making sense of State Pension statement

    I checked on-line.

    I've got 26 qualifying years.
    It says my current pension estimate is £124.10 per week
    It also says I need to contribute another 10 years to get the maximum £168.60 per week

    There is also a COPE estimate of £36.94 per week

    Questions:

    1) Any idea how they've arrived at £124.10? (26/35*168.60 = £125.25 )
    2) Why do I need to contribute another 10 years and not 9 (26+9 = 35)
    3) Do I need to subtract the COPE £36.94 from £124.10 to calculate what I'll get off the state? ie. £87.16 per week

    Many thanks in advance.

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    Quote Originally Posted by northernladuk View Post
    Thanks, yes it does, even though it's an old document which predates the new SP.

    I suspect the £124.10, in my case, has been worked out under the old SP. (The pension you receive is the higher of the old and new systems.)

    It's hideously complicated though.

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    Quote Originally Posted by stonehenge View Post
    Thanks, yes it does, even though it's an old document which predates the new SP.

    I suspect the £124.10, in my case, has been worked out under the old SP. (The pension you receive is the higher of the old and new systems.)

    It's hideously complicated though.
    Isnt it just!

    Dont fall for the tax free line either. When you stsrt your state pension, they reduce your personal allowance by the same amount...
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    Quote Originally Posted by stonehenge View Post
    I've got 26 qualifying years.
    40. And I am only 56...

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    Quote Originally Posted by stonehenge View Post
    I checked on-line.

    I've got 26 qualifying years.
    It says my current pension estimate is £124.10 per week
    It also says I need to contribute another 10 years to get the maximum £168.60 per week

    There is also a COPE estimate of £36.94 per week

    Questions:

    1) Any idea how they've arrived at £124.10? (26/35*168.60 = £125.25 )
    2) Why do I need to contribute another 10 years and not 9 (26+9 = 35)
    3) Do I need to subtract the COPE £36.94 from £124.10 to calculate what I'll get off the state? ie. £87.16 per week

    Many thanks in advance.
    If you have a COPE, you have been contracted out for some period. You will not get the maximum State Pension, currently £168+ unless you manage to get 35 years non contracted out qualifying years in before you claim the State Pension.
    I couldn't give two fornicators! Yes, really!

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