Contracted out/in: Difference between revisions
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imported>Doug Williamson m (Spacing) |
imported>Doug Williamson (Changed to past tense as this ends with new State Pension. Source: https://www.gov.uk/additional-state-pension/contracting-out) |
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''Pensions.'' | ''Pensions.'' | ||
The terms 'contracted out' and 'contracted in' | The terms 'contracted out' and 'contracted in' were applied to Occupational pension schemes in the UK in relation to the State Second Pension (S2P). A scheme was contracted out where it provided benefits in place of S2P and contracted in where it provided benefits in addition. | ||
With effect from 2016, contracting in/out ended with the introduction of the new State Pension. | |||
Other terms encountered in relation to contracting in and out include the Lower Earnings Limit (LEL), Upper Earnings Limit (UEL) and Guaranteed Minimum Pension (GMP). | Other terms encountered in relation to contracting in and out include the Lower Earnings Limit (LEL), Upper Earnings Limit (UEL) and Guaranteed Minimum Pension (GMP). | ||
== See also == | == See also == | ||
* [[State Pension]] | |||
* [[Lower earnings limit]] | * [[Lower earnings limit]] | ||
* [[Occupational pension scheme]] | * [[Occupational pension scheme]] | ||
Revision as of 10:15, 2 March 2016
Pensions.
The terms 'contracted out' and 'contracted in' were applied to Occupational pension schemes in the UK in relation to the State Second Pension (S2P). A scheme was contracted out where it provided benefits in place of S2P and contracted in where it provided benefits in addition.
With effect from 2016, contracting in/out ended with the introduction of the new State Pension.
Other terms encountered in relation to contracting in and out include the Lower Earnings Limit (LEL), Upper Earnings Limit (UEL) and Guaranteed Minimum Pension (GMP).
