The payment to the state by a private pension scheme when it ceases to be contracted out of a defined benefit scheme. It enables the state to provide the guaranteed minimum pension for scheme members (or pensioners over state pension age).
The Rantings of the barely human.
The payment to the state by a private pension scheme when it ceases to be contracted out of a defined benefit scheme. It enables the state to provide the guaranteed minimum pension for scheme members (or pensioners over state pension age).