- contracted-out employment
United KingdomEmployment 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 with minimum benefits under their employer's pension scheme, which may be a contracted-out salary related scheme (COSR scheme) or a contracted-out money purchase scheme (COMP scheme). Both members and employers pay lower national insurance contributions (NICs) if they participate in a contracted-out scheme of either description. National Insurance Services to Pensions Industry (NISPI) is responsible for supervising contracted-out schemes and issues contracting-out certificates.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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