Contracted out/in
From ACT Wiki
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).
