to contract out of a pension scheme
1pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …
2contract out — 1) PHRASAL VERB If a company contracts out work, they employ other companies to do it. [V P n (not pron) to n] Firms can contract out work to one another... [V P n (not pron)] When Barclays Bank contracted out its cleaning, the new company was… …
3contract out — UK US contract out Phrasal Verb with contract({{}}/kənˈtrækt/ verb UK ► [I] to formally state that you do not want to be involved in an official plan or system: »Under a personal pension plan or stakeholder pension scheme, the decision of whether …
4contract 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… …
5State Earnings-Related Pension Scheme — ( SERPS) A top up pension scheme to boost the state basic pension. Employees can build up an entitlement to SERPs by paying National Insurance Contributions on part of their earnings. Financial Services Glossary SERPS was replaced by the State… …
6occupational pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …
7occupational pension scheme — superannuation A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self administered. If it is insured, an insurance company pays the… …
8State Earnings-Related Pension Scheme — SERPS A scheme, started in 1978, run by the UK government to provide a pension for every employed person in addition to the basic state flat rate pension. The contributions are paid from part of the National Insurance payments made by employees… …
9State Earnings-Related Pension Scheme — SERPS A scheme, started in 1978, run by the UK government to provide a pension for every employed person in addition to the basic state flat rate pension. The contributions are paid from part of the National Insurance payments made by employees… …
10occupational pension scheme — superannuation A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self administered. If it is insured, an insurance company pays the… …
