restricted to cash. It is lowest quantity of benefits that a contracted-out cash purchase scheme is required to supply to a member, calculated by utilizing the defined contribution foundation, with the money paid into the scheme as minimum contributions or minimal funds.
As defined in regulation three of the Personal and Occupational Pension Schemes (Protected Rights) Rules 1996. Protected rights The name given to the fund constructed up by contracting out of the state second pension; they are the rights which, in a contracted-out money buy scheme, exchange the rights an individual would have earned beneath SERPS. Protected modification Modification that may or might: • lead to any subsisting right that’s not a proper or entitlement to cash purchase advantages changing into, or being changed with, such a right or entitlement, or • the discount of any pension in payment.
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