‘Protected rights’ is the term used to describe the pension fund built up from payments made to a pension scheme by Her Majesty’s Revenue and Customs from National Insurance contributions, if you had contracted out of the state second pension (S2P); previously known as the State Earnings-Related Pension Scheme (SERPS). If you were a member of a contracted-out final salary scheme between 6 April 1978 and 5 April 1997, these rights are referred to as guaranteed minimum pension.