Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Protected rights definition

What does Protected rights mean? In UK pensions practice, protected rights are the part of a member’s money purchase pension built up by contracting out of SERPS and, later, the State Second Pension (S2P) through an appropriate personal pension or a contracted‑out money purchase scheme. The term was defined in legislation (including the Pension Schemes Act 1993 and regulations, with parallel Northern Ireland provisions) and covered the National Insurance rebate, associated tax relief and investment growth. Before 6 April 2012, protected rights were subject to statutory conditions, including use to provide a pension with specified survivor’s benefits, unisex annuity terms, limits on lump sums and transfer...

Protected rights under money purchase (DC) contracting-out before 6 April 2012: scheme types, funding sources, and statutory restrictions on benefits, annuities, transfers and lump sums

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Practice notes

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‘protected rights’ were the benefits that schemes contracted-out on a money purchase basis had to deliver, before 6 April 2012, to members who had contracted-out, replacing the state benefits foregone as a result of doing so. For further details on contracting-out, see Practice Note: What does ‘contracting-out’ mean for pension lawyers?

Contracting-out on a money purchase basis (DC contracting-out) first became available in April 1988, but it was abolished on 6 April 2012. From that date, it was no longer possible to build up protected rights and the statutory restrictions that had applied to protected rights accrued before then ceased to operate. In practice, this means former protected rights can be treated as ordinary scheme benefits, except where the scheme rules provide otherwise. For more information, see Practice Note: Abolition of DC contracting-out [Archived].

Which schemes could contract out on a money purchase basis?...

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Web page updated on 21/05/2026

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