Contracted out/in: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Changed to past tense as this ends with new State Pension. Source: https://www.gov.uk/additional-state-pension/contracting-out) |
imported>Doug Williamson (Shorten cross referencing, following the ending of contracting in/out.) |
||
| Line 1: | Line 1: | ||
''Pensions.'' | ''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). | 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 UK pension 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 UK State Pension. | |||
Revision as of 06:13, 3 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 UK pension 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 UK State Pension.
