We study some well-known graph contraction problems in the recently introduced framework of lossy kernelization. In classical kernelization, given an instance (I, k) of a parameterized problem, we are interested in obtaining (in polynomial time) an equivalent instance (I′, k′) of the same problem whose size is bounded by a function in k. This notion however has a major limitation. Given an approximate solution to the instance (I′, k′), we can say nothing about the original instance (I, k). To handle this issue, among others, the framework of lossy kernelization was introduced. In this framework, for a constant α, given an instance (I, k) we obtain an instance (I′, k′) of the same problem such that, for every c > 1, any c-approximate solution to (I′, k′) can be turned into a (cα)-approximate solution to the original instance (I, k) in polynomial time. Naturally, we are interested in a polynomial time algorithm for this task, and further require that |I′|+k′ = kO(1). Akin to the notion of polynomial time approximation schemes in approximation algorithms, a parameterized problem is said to admit a polynomial size approximate kernelization scheme (PSAKS) if it admits a polynomial size α-approximate kernel for every approximation parameter α > 1. In this work, we design PSAKSs for TREE CONTRACTION, STAR CONTRACTION, OUT-TREE CONTRACTION and CACTUS CONTRACTION problems. These problems do not admit polynomial kernels, and we show that each of them admit a PSAKS with running time kf(α)|I|O(1) that returns an instance of size kg(α) where f(α) and g(α) are constants depending on α. © R. Krithika, Pranabendu Misra, Ashutosh Rai, and Prafullkumar Tale.