Originally Posted by
Tocsin
The COPE is a frightener, but as I understand it, you won't get less than the amount the 'old' state pension would have delivered, so it's more like £155 -90 (ouch!) but back to £119 (whew!).
@Al - is this right?
No, I don't think that is right. As I understand it, COPE is not something that is taken away from your state pension - it is the additional amount your workplace pension will pay by virtue of having been contracted out, over what it would have paid had you been contracted in.
So my state pension is worse off by about £36 pw, as a result of contracting out, but my workplace pension is better off by an estimated COPE £101 pw.
Edited to add: Notwithstanding, I find the gov.uk pension forecast site rather misleading. The splash message is that my forecast is £155 - only in the smaller print below does it mention that that is based on me continuing to contribute.