contracted-out salary-related scheme
contracted-out salary-related scheme (COSR scheme)
A salary-related pension scheme (salary-related scheme) that has contracted-out of the state state second pension (S2P). To qualify as COSR scheme, the scheme must satisfy prescribed requirements, set out in the Pension Schemes Act 1993. In particular, it must pay benefits that meet a certain minimum level. The contracting-out regime is supervised 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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  • contracted-out salary related scheme — (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COS …   Law dictionary

  • contracted out salary related scheme — (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COS …   Law dictionary

  • contracted-out employment — United Kingdom Employment which is contracted out of the state second pension (S2P) (formerly the state earnings related pension scheme (SERPS)). Members in contracted out employment forego their S2P or SERPS pensions and instead are provided… …   Law dictionary

  • COSR scheme — contracted out salary related scheme (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COSR scheme, the scheme must satisfy prescribed requirements …   Law dictionary

  • occupational pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …   Law dictionary

  • State Earnings-Related Pension Scheme — The State Earnings Related Pension Scheme (SERPS) is a UK Government pension arrangement. The scheme ran from 6 April 1978 to 5 April 2002. Everybody who paid full class 1 National Insurance at some point between 1978 and 2002 earned a pension… …   Wikipedia

  • COSR — contracted out salary related scheme (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COSR scheme, the scheme must satisf …   Law dictionary

  • section 9(2B) rights — England, Scotland, Wales Rights to pension benefits in a contracted out salary related scheme (COSR scheme) which satisfies the so called reference scheme test. Referring to section 9(2B) of the Pension Schemes Act 1993, section 9(2B) rights are… …   Law dictionary

  • List of Statutory Instruments of the United Kingdom, 1996 — This is a complete list of all 2071 Statutory Instruments published in the United Kingdom in the year 1996. NOTOC 1 100* Insurance Companies (Pension Business)(Transitional Provisions) (Amendment) Regulations 1996 S.I. 1996/1 * Sea Fishing… …   Wikipedia

  • State Second Pension — On 6 April 2002, the Labour Government introduced the State Second Pension, or S2P to provide a more generous pension provision for UK workers. The main aim of this change was to enhance existing Additional Pension (or AP ) benefits for low and… …   Wikipedia

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