contracted out

/kənˌtræktɪd 'aυt/ adjective
referring to a member of an occupational or personal pension scheme who is not a member of SERPS

Dictionary of banking and finance. 2015.

Look at other dictionaries:

  • contracted-out — An employer can contract out of the SERPs element out of the state pension scheme (hence qualifying for a contracted out rebate on NIC s ) by means of an occupational pension scheme. There are strict rules relating to occupational pension schemes …   Law dictionary

  • contracted out — ➡ S2P * * * …   Universalium

  • contracted-out employment — United Kingdom 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… …   Law dictionary

  • contracted-out money purchase scheme — (COMP scheme) A money purchase scheme that has contracted out of the state second pension (S2P). To qualify as a COMP scheme, the scheme must satisfy certain criteria set out in the Pension Schemes Act 1993. In particular, the empl …   Law dictionary

  • contracted-out salary-related scheme — (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COSR scheme, the scheme must satisfy prescribed requirements, set out in the Pensi …   Law dictionary

  • contracted-out salary related scheme — (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COS …   Law dictionary

  • contracted out salary related scheme — (COSR scheme) A salary related pension scheme (salary related scheme) that has contracted out of the state state second pension (S2P). To qualify as COS …   Law dictionary

  • Contracted — Con*tract ed (k[o^]n*tr[a^]kt [e^]d), a. 1. Drawn together; shrunken; wrinkled; narrow; as, a contracted brow; a contracted noun. [1913 Webster] 2. Narrow; illiberal; selfish; as, a contracted mind; contracted views. [1913 Webster] 3. Bargained… …   The Collaborative International Dictionary of English

  • contracted hoof — a condition in a horse s hoof in which it becomes dried out and reduced in size, which causes inadequate pressure on the frog and lameness. Called also contracted foot and contracted heel …   Medical dictionary

  • contract out — phrasal verb Word forms contract out : present tense I/you/we/they contract out he/she/it contracts out present participle contracting out past tense contracted out past participle contracted out 1) [intransitive] British to agree by a written… …   English dictionary

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