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State Earnings-Related Pension Scheme
(redirected from SERPS)

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State Earnings-Related Pension Scheme
Also called SERPS. A voluntary state pension scheme formerly available to citizens of the United Kingdom. It granted higher payments to pensioners following retirement in exchange for higher National Insurance contributions. Payments were based on average earnings over a pensioner's career. It was replaced in 2002 by the Second State Pension, which offers higher benefits to lower and middle income pensioners.
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