Section 32 Buy-Out
The Section 32 Buy-Out policy offers you a way of transferring your benefits from an occupational pension scheme into a plan in your own name, giving you control of your retirement benefits. The Buy-Out plan differs from the Personal Pension Plan & the Stakeholder Pension Plan in that the benefits payable at retirement are linked to the occupational pension scheme rules from which the benefits were transfered.
Also see Pension Sharing.