pension opt-out

a transaction resulting from a decision made, with or without advice from a firm, by a customer who is an individual, to:

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

in favour of a stakeholder pension scheme or a personal pension scheme (including a self-invested personal pension scheme).