The policy bought by pension scheme trustees to transfer an individual’s accrued benefits to a standalone insurance policy. Unlike a personal pension plan, the policy guarantees that if a transfer payment includes an element relating to contracting out of the state second pension, then a guaranteed minimum pension will be provided at retirement age. Also, unlike a personal pension plan, benefits in retirement from an s.32 policy are subject to maxima based on the limits laid down in the occupational pension scheme from which the entitlement was transferred.