What are Protected Rights ?
Protected Rights are a type of pension fund. They are built up by money coming in from the Government for those of you who have in the past or still are “contracted out” of the State Second Pension, or now commonly known as S2P.
Before that, they was called SERPS. In 1988, it became possible for the first time for individuals to opt out of the Government's additional pension, or SERPS, scheme. It works like this : instead of the Government taking all of your National Insurance contributions and crediting you with a SERPS or S2P pension in addition to the Basic State Pension for when you retire, you get to redirect that part of your National Insurance contribution back to your own private pension and invest it in your own pension plan..
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