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.
this is the part of a contracted-out money purchase pension or appropriate personal pension which is produced by the minimum level of contributions set by the contracting out requirements.
The benefits from a scheme contracted out on a money purchase basis deriving from at least the minimum contributions or minimum payments, which are provided in a specified form as a necessary condition of contracting out.
The contracted out element of an occupational money purchase pension scheme or an appropriate personal pension. Regulated Individual An individual who in respect of any employment to which a transfer payment or any part of it relates:- Currently, or at any time during the 10 years prior to the date of transfer a controlling director, or,- Aged 45 or over and receiving annual remuneration which is, or was, during the 6 years prior to the date of transfer over the allowable maximum.
Pension benefits derived from contracted-out payments which would otherwise been paid under SERPS. They must be taken in a prescribed form and cannot be commuted.
Rights under a pension scheme which a member retains despite a change in the scheme.
This is the lowest amount of benefits that a contracted out money purchase scheme (COMPS) can pay to a member. This amount is worked out by using the money purchase method with the money paid into the scheme as minimum contributions or minimum payments .
If you're employed you can normally contract out of State Second Pension. One option is to contract out using a Personal Pension or Stakeholder Pension. This means that you give up your right to benefit from State Second Pension for the period you are contracted out. As a result, your State Second Pension benefit will be reduced. In return, HM Revenue & Excise sends your selected pension provider a rebate of part of your own and your employer's National Insurance contributions. These are invested in your plan and the fund that this produces is called Protected Rights. There are special rules about the benefits you can get from Protected Rights and when they can be taken e.g. you cannot usually take your Protected Rights benefits before age 60.
Benefits within an Appropriate Personal Pension or a Contracted Out Occupational Pension Scheme which have been derived from the minimum equivalent payments that would otherwise have been paid to the State Earnings Related Pension Scheme if the individual had not Contracted Out.