Contracting out - A term which refers to contracting out of S2P (State Second Pension).A person can contract out by joining an employer"s pension scheme which itself is contracted out or through an appropriate personal pension plan. The result of making this choice is that the person"s S2P pension will be reduced at retirement but there will now be the proceeds from the alternative pension plan selected.
Contracting out : a term which refers to contracting out of s2p (state second pension).a person can contract out by joining an employer"s pension scheme which itself is contracted out or through an appropriate personal pension plan. the result of making this choice is that the person"s s2p pension will be reduced at retirement but there will now be the proceeds from the alternative pension plan selected.
Contracting out