State Earnings-Related Pension Scheme

(redirected from State Earnings Related Pension Scheme)
Also found in: Acronyms, Wikipedia.

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.
Mentioned in ?
References in periodicals archive ?
The State Earnings Related Pension Scheme (SERPS) is being reduced from 25 to 15 per cent of earnings.
It will be the result of one of the top-ups such as the State Earnings Related Pension Scheme (Serps).
It largely affects those who exited the SSP's previous incarnation, the State Earnings Related Pension Scheme (SERPS), and now have small pension pots put aside which, in some cases, have almost been forgotten.
WallaseyThe State Earnings Related Pension Scheme (Serps) was replaced in 2002 by the new State Second Pension (SSP).
Prior to April 6 last year it was known as the state earnings related pension scheme (Serps).
The State Earnings Related Pension Scheme (SERPs for short) is being pruned back just as severely.
It was back in 1988 people were first able to contract out of the state earnings related pension scheme (SERPS).
About 500,000 people will receive a new letter from the Department of Work and Pensions clarifying how much they can expect from the State Earnings Related Pension Scheme (SERPS).
About eight million policies were sold to consumers who hoped by moving from the State Earnings Related Pension Scheme (Serps) and its replacement the State Second Pension (S2P) to the private sector they would be able to boost savings.
The Office of Fair Trading is in the middle of a probe into the mis-selling of private pension plans to people who were wrongly advised to opt out of the State Earnings Related Pension Scheme (SERPS) or a better occupational scheme.
The state pension forecast covers the basis state pension and the additional state pension (also called the state second pension and formerly known as the State Earnings Related Pension Scheme - SERPS).
S2P was introduced in April last year and replaced the State Earnings Related Pension Scheme (Serps) as a top-up to a basic state pension.

Full browser ?