Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Contract definition

What does Contract mean? In legal practice, a contract is the enforceable agreement by which parties set out promises and allocate risk, whether made orally, in writing or by conduct. The law of contract is principally case-law driven across England & Wales, Scotland, Northern Ireland and Ireland, with statutory interventions on formalities, construction and consumer protection. In England & Wales, Northern Ireland and Ireland, formation generally requires offer, acceptance, consideration and an intention to create legal relations. In Scotland, consideration is not required; a contract is formed by agreement (consensus in idem) with the necessary intention, with writing only needed in defined cases. Key features...

Contracting-out: interaction with the additional State pension, abolition of DB/DC regimes, transitional rules, and post-abolition obligations for GMPs and Section 9(2B) rights

Published by a LexisNexis Pensions expert

Practice notes

Interaction with the additional state pension

Up to 6 April 2016, state pension provision operated on two tiers:

the basic State pension — a flat-rate amount, largely determined by National Insurance contributions (NICs) actually paid or credited,
the additional State pension, called the State Second Pension (S2P) — as the name suggests, it sat on top of the basic State pension and was linked to a person’s earnings.

Before April 2002, the additional element was known as the State Earnings Related Pension Scheme (SERPS).

Prior to 6 April 2016, pension schemes could either contract in to, or contract out of, the additional State pension. Where a scheme was contracted in, members would, subject to their earnings, receive the additional State pension alongside their basic State pension. Where a scheme was contracted out, members would not receive the additional State pension. In return:

the scheme had to deliver contracted-out benefits broadly at least equivalent to the additional State pension forgone, and
the...

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Web page updated on 21/05/2026

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