State Earnings-Related Pension Scheme


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Related to State Earnings-Related Pension Scheme: State Second Pension

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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Under legislation passed in 1986, a widow or widower's entitlement to the State Earnings-related Pension Scheme element of their late partner's pension was to be cut by half from April 2000.
This was also known as the State Earnings-Related Pension Scheme (Serps) which has been replaced by the State Second Pension.
And then there are the Graduated Pension, the State Earnings-Related Pension Scheme (Serps) and the State Second Pension (S2P).
S2P, which replaced the state earnings-related pension scheme (Serps) in April 1992, is additional to the state pension and is based on a person's National Insurance contributions.
A new second state pension will be introduced around 2003 to replace State Earnings-Related Pension Scheme.
This was also known as the State Earnings-Related Pension Scheme (Serps) which is now being replaced by the State Second Pension.

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