The benefit under an appropriate personal pension, or a money purchase occupational pension scheme, which is attributable to the rebate in the NICs. There are certain restrictions placed upon these benefits, e.g. pension only (no cash), payable from age 60.
The name given to the benefits accumulated from contracted out personal pension contributions, which have replaced the SERPS/S2P benefits.
Individuals can choose to contract out of the State Earnings Related pension scheme by investing instead in an Appropriate Personal Pension plan. (The Barclays Stockbrokers SIPP is not an Appropriate Pension Plan). The benefits bought are known as protected rights.