'Protected rights' is the name for the money accrued by opting out of the state second pension, formerly the state earnings-related pension scheme (Serps).

People who contract out of Serpsjoin either their employer's occupational scheme, or a personal or stakeholder pension. And when someone contracts out, the government pays a rebate of their national insurance contributions into one of these pensions. The rebate, known as 'minimum contributions', is made up of a refund of contributions already paid and tax relief on their share of the refund.