contracted-out money purchase scheme
contracted-out money purchase scheme (COMP scheme)
A money purchase scheme that has contracted-out of the state second pension (S2P). To qualify as a COMP scheme, the scheme must satisfy certain criteria set out in the Pension Schemes Act 1993. In particular, the employer must make minimum payments to the scheme that are equal to the rebates that the employer and its employees receive on their respective national insurance contributions (NICs). The contracting-out regime is policed by National Insurance Services to Pensions Industry (NISPI).
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multi-employer scheme (multi-employer pension schemes)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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