Contracted-out employment

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 with minimum benefits under their employer's contracted-out salary related (COSR) scheme ( Since 6 April 2012, contracting-out on a money purchase basis is no longer permitted. Members and employers pay lower National Insurance contributions (NICs) ( if they participate in a COSR scheme. National Insurance Services to Pensions Industry (NISPI) ( is responsible for supervising contracted-out schemes and issues contracting-out certificates.

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