Contracted-out employment

Employment which was 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) ) 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 ( www.practicallaw.com/9-205-6986) . Members and employers paid lower National Insurance contributions (NICs) ( www.practicallaw.com/8-201-8297) if they participated in a COSR scheme.

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