Employment which is contracted-out (www.practicallaw.com/0-107-6329) of the state second pension (S2P) (www.practicallaw.com/1-200-3464) (formerly the state earnings-related pension scheme (SERPS) (www.practicallaw.com/9-200-3498)). 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 (www.practicallaw.com/9-205-6986). Since 6 April 2012, contracting-out on a money purchase basis is no longer permitted. Members and employers pay lower National Insurance contributions (NICs) (www.practicallaw.com/8-201-8297) if they participate in a COSR scheme. National Insurance Services to Pensions Industry (NISPI) (www.practicallaw.com/3-205-6989) is responsible for supervising contracted-out schemes and issues contracting-out certificates.