pension opt-out

a transaction,52 resulting from the decision of a retail client52 who is an individual, to:

1. (a) opt out of an occupational pension scheme of which he is a 52member; or
2. (b) decline to become a member of an occupational pension scheme which he is eligible to join52, or will be52 eligible to join at the end of a waiting period;

in favour of a stakeholder pension scheme or personal pension scheme .