| Abstract: | Abstract The title of this paper is not common in actuarial literature, but the subject is one which has become familiar to every Briton in the last two years and which is essentially actuarial. The phrase "contracting out" has become English shorthand for an arrangement by which a private pension scheme may decide that it will not join a State pension scheme, usually because it already provides equal or better benefits. If the private scheme "contracts out" it will be excused the payment of contributions and will, of course, forgo the benefits. |
