Making sense of State Pension statement

[GhostofTarbera]

On the bright side you may be deed by than and no issue


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[BolshieBastard]

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.

[BrilloPad]

I've got 26 qualifying years.

40. And I am only 56...

[malvolio]

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...

[stonehenge]

This help?

https://assets.publishing.service.go...040-may-14.pdf

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.

[northernladuk]

This help?

https://assets.publishing.service.go...040-may-14.pdf

[stonehenge]

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.