Contracted-out salary-related (COSR) scheme

A salary-related pension scheme ( that has contracted out of the state second pension (S2P) ( To qualify as COSR scheme, the scheme must satisfy prescribed requirements, set out in the Pension Schemes Act 1993. In particular, it must pay benefits that meet a certain minimum level. A member's rights in a COSR scheme are often referred to as his or her section 9(2B) rights ( The contracting-out regime is supervised by National Insurance Services to Pensions Industry (NISPI) (

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