Contracting Out

When you opted to leave the State Second Pension (S2P) or State Earnings Related Pension Scheme (SERPS), this was known as contracting out. You would have received a rebate on or contributed less to National Insurance. The ability to Contract Out ceased in April 2012 for money purchase pensions and April 2016 for defined benefit pensions, however you may still have ‘Contracted Out’ benefits from the past.