A contracted out defined benefit scheme based on salary-related benefits. The member’s pension benefits must be equivalent to, or better than, those specified under the reference scheme test. This means it must provide an inflation-linked pension from age 65 to a maximum of 5 per up cent p.a. where the starting pension is worked out by taking a minimum of 1/80th of the average salary over the three years prior to retirement for each year of service in the scheme, up to a maximum of 40 years. Members’ contributions are subject to normal IR limits on benefits and contributions.
Insurance Encyclopedia
Contracted services
Those covered insurance benefits provided by the physician that are consistent with the physician’s training, licensor, and scope of practice.
Contracting hospital
Facility that has a legal agreement with a managed care plan to provide specific hospital services to members of the plan.
Contracting out
1. Opting out of the earnings related part (S2P) of the state pension arrangements. Occupational pension schemes or appropriate personal pension plans must first satisfy contracting out conditions to ensure that they secure benefits that replace or improve upon those otherwise receivable under S2P. 2. Using exemption clauses in commercial contracts to ‘contract out’ of liabilities that would otherwise attach. See UNFAIR CONTRACT TERMS ACT 1977.
***
Persons may relieve themselves or restrict their liability by incorporating conditions in the agreements entered into with other parties. So long as these conditions are not contrary to common law, that can be raised as a defense.
Contracting Out for Negligence (Degrees and Defenses available to the Defendant)
Persons may relieve themselves or restrict their liability by incorporating conditions is the agreements entered into with other parties. So long as the conditions are not contrary to common law they can be raised as a defence.
Contracting purchaser’s clause
See: PURCHASER’S INTEREST CLAUSE.
Contractor
1. See insurance carrier. 2. See fiscal agent. 3. See fiscal intermediary. 4. See durable medical equipment regional carrier (DMERC). 5. See regional home health intermediary (RHHI). 6. See program safeguard contractor (PSC). Also known as insurer or carrier.
Contractor controlled insurance program (CCIP)
See: controlled insurance program.
Contractor policy
Policy developed by Centers for Medicare and Medicaid Services (CMS) contractors (fiscal intermediary or carrier, affiliated contractor, provider service carrier) and used to make coverage and coding determinations. It is developed when there is an absence of national coverage policy for a service or all of the uses of a service; there is a need to interpret national coverage policy; or there is a need for local coding rules.
Contractors All Risks Insurance
See: “Engineering, Contractors All Risks Insurance.”