Describes an employee or employer in the UK who chooses to make alternative pension provision in a personal or company plan rather than using the state earnings-related pension scheme (Serps)
Found on
http://www.aviva.com/glossary/
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 generally and contracting-out. Benefits under a contracted-out scheme must be at least as good as SERPs...
Found on
http://www.encyclo.co.uk/local/20456
No exact match found.
