transphy Feb 21, 2017:

Sorry but it is nothing of what your choice says, for many reasons. My explanation might be a rough way of saying a correct expression. There is no similar scheme in Greece, to my Knowledge( I can be wrong), but it does not matter.
Reasons:-
1. it is, ''εξωσυμβατικό συνταξιοδοτικό πρόγραμμα ενδιαφερομένου'' BUT
2. It has nothing to do with the previously submitted contributions.
3. The program was that the original Pension scheme was a 'compulsory' scheme run by the Government in the UK, for every workers pension.
4. The 'Contracted out Scheme' was an exit( Contract out) from the Government Scheme, by any one who wished to do so and who should, if they wished to, buy a Private Pension Scheme. This idea had given people a choice of having a larger Pension, by starting to pay more money in an Insurance Company, for example, AND lightened the Government's burden on their Pension outlay. Then, there would be No obligation to be in the Government Pension Scheme
That was the whole idea. I chose that too. My explanation might not be so well constructed but it tells what it is.

Pinelopi Ntokmetzioglou (asker) Feb 10, 2017:

It does appear as one phrase to describe the Scheme... There are no obvious separators between any of the words

transphy Feb 9, 2017:

Penelopi, that phrase does NOT come all together, does it. I suspect it is talking about 'Contracted-out Pension scheme'. 'Stakeholder' is the person who purchases the 'Contracted-out Pension Scheme'.
The phrase, 'Contracted-out' means anybody who has 'opted' out of the Government Pension Scheme and has purchased Private Pension Insurance Scheme from Insurance companies in the Market Place. In the '80's the Government allowed us to stop paying State Pension Contributions with the caveat that we 'buy' a Private Pension Scheme'. In that case, we then 'Contracted-out' of the State Pension Scheme.