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Moneyextra.com Dictionary
Appropriate Personal Pension
This is a pension plan in which employer and employee pay National Insurance contributions equivalent to the employee contracting into S2P. This rate will be greater than the rate paid by contracting out of S2P.
The difference between these rates the contracted-out rebate is paid by the Government into a scheme known as an appropriate personal pension plan which buys pension benefits at retirement age known as protected rights.
Moneyextra.coms Pension section ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com