Contracted-out employment | Practical Law
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Contracted-out employment
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Contracted-out employment
Practical Law UK Glossary 0-107-6329
(Approx. 4 pages)
Glossary
Contracted-out employment
Employment which was
contracted-out
of the
state second pension (S2P)
(formerly the
state earnings-related pension scheme (SERPS)
) until contracting out on a salary-related basis was abolished on 6 April 2016. Members in contracted-out employment forewent their S2P or SERPS pensions and were instead provided with minimum benefits under their employer's
contracted-out salary related (COSR) scheme
. Members and employers paid lower
National Insurance contributions (NICs)
if they participated in a COSR scheme.