Cope Pension.

[VinceHalleyFrame]

Hi all
I have just signed up to this chat group, and it's my first post.
I worked for Royal Mail from 1986 to 2004 when i took EVR, ( Early Voluntary Redundancy ) . I seem to remember opting out or in of SERPS around 1988?, but i had forgotten about it until recently.
After a bit of research i discovered that i had the letter D on my Royal Mail P60's which indicates i did indeed opt out. I eventually gained access to the government gateway, and on it was a COPE estimate of around £32.00.
Does anyone know how i can find out more details of COPE or contacts, and is it dealt with by an independent company like Capita ? . In just over 4 years i'll be at the NRA of 60 years, and I'd like to get things sorted soon. I also read a thread on here about a shortfall for opted out Posties for their state pensions. Since i left Royal Mail in 2004 i've started another career, which has contributed to full years for state pension. I think the required amount was 34 years, and i currently have 35, with a shortfall in 3 years. Sorry the post is a bit long winded, but i wanted to give as much info as i could to start with.
Any advice on Cope would be much appreciated.
Regards,
Vince.

[mrcurve]

Hi try this link it will tell you about your current state of national insurance and how long you need to work to fill it up

https://www.gov.uk/check-national-insurance-record

[mrcurve]

Oh and this one to check your state pension and how many years you need to work or buy to get the max


https://www.tax.service.gov.uk/check-your-state-pension

[RobertT]

Hi all
I have just signed up to this chat group, and it's my first post.
I worked for Royal Mail from 1986 to 2004 when i took EVR, ( Early Voluntary Redundancy ) . I seem to remember opting out or in of SERPS around 1988?, but i had forgotten about it until recently.
After a bit of research i discovered that i had the letter D on my Royal Mail P60's which indicates i did indeed opt out. I eventually gained access to the government gateway, and on it was a COPE estimate of around £32.00.
Does anyone know how i can find out more details of COPE or contacts, and is it dealt with by an independent company like Capita ? . In just over 4 years i'll be at the NRA of 60 years, and I'd like to get things sorted soon. I also read a thread on here about a shortfall for opted out Posties for their state pensions. Since i left Royal Mail in 2004 i've started another career, which has contributed to full years for state pension. I think the required amount was 34 years, and i currently have 35, with a shortfall in 3 years. Sorry the post is a bit long winded, but i wanted to give as much info as i could to start with.
Any advice on Cope would be much appreciated.
Regards,
Vince.

If you joined RM in 1986 and went into the pension scheme straight away, you would be in section B, formerly known as the Post Office Staff Superannuation Scheme(POSSS).

By joining the scheme you were automatically contracted out of the State Second Pension, otherwise known as SERPS or S2P.
Which meant you and RM paid a lower rate of NIC's, but in return the RM scheme agreed to provide a pension of at least as much as you would have got from S2P.

The only way to contract back into S2P while in RM employment was to opt out of the RM pension scheme. It's unclear whether you did that from what you've said, but reading between the lines, I suspect you were in the RM pension from 1986 to 2004?

If so, you should have benefits via the RMSPS which is managed by Capita. They are responsible for RM pensions up to 31st March 2012. More details on the RMSPS website: https://www.royalmailsps.co.uk/

You may also be interested in the RMPP(1st April 2012+) website: https://www.royalmailpensionplan.co.uk/

The COPE figure is misunderstood by many people. But it's an estimate of the S2P you would have got had you not been contracted out. It's included in the pension you get from RM and any other contracted out pension you may have from other employers.

Therefore the £32 you mention is just part of that pension provision.

[VinceHalleyFrame]

Hi Robert
Thanks for your reply on this subject.
I get annual statements from RMSPS, which shows two amounts of money plus a lump sum.
I'm assuming the lower figure is the COPE amount, which maybe i've overlooked in the past as it doesn't mention COPE ?
If COPE is part of the pension as you say it is, there's nothing i should be chasing up.
I'll just sit tight until nearer to 60 and wait to hear from Capita.
Regards,
Vince.

[tractorboy2]

I think the lower amount is probably your age 65 benefits.

[VinceHalleyFrame]

I have the 2021 current value statement in front of me now.
There are are 3 sections, annual pension, pension increase amount and current value of annual pension.
My NRA is 60, the NRA 65 is not applicable in my case. There's no mention of COPE, or any reference.
Regards,
Vince.

[RobertT]

The actual COPE figure won't normally be on your workplace pension statement, but it is does form part of your total pension figures.
However, it is on your state pension forecast and is based on your NIC's record up to April 2016(when the new state pension started and contracting out ended).

More in depth info on COPE can be found here: https://assets.publishing.service.gov.u ... ervice.pdf