I have a pension with Standard Life and was looking through the list of contributions and due at the begining of the tax year there was a "NICO" contribution.
Anyone care to explain what this means?
TIA
Private Pension COntributions
Nov 12, 2004
4 Replies
It means that your fund received a contribution from the National Insurance Contributions Office in Newcastle; you would normally find this happening annually if you are contracted out of the Second State Pension (was SERPS) using this pension scheme.
Matti
"elziko" wrote
Did you contract-out of the state scheme ?
National Insurance Contributions Office. It's the SERPS contracted-out rebate.
Rob Graham
I guess so! It was set up by my company and I don't remember discussing it with them. But this was a while a go and all very new to me at the time so it may have just passed me by.
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