Contracted out/in
From ACT Wiki
Pensions. The terms 'contracted out' and 'contracted in' are applied to Occupational pension schemes in the UK in relation to the State Second Pension (S2P). A scheme is contracted out where it provides benefits in place of S2P and contracted in where it provides benefits in addition.
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).
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