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Second State Pension
(redirected from State Second Pension)

   Also found in: Acronyms, Wikipedia 0.01 sec.
Second State Pension
A voluntary state pension scheme available to citizens of the United Kingdom. It grants higher payments to pensioners following retirement in exchange for higher National Insurance contributions. Payments are based on average earnings over a pensioner's career. It was created in 2002 to replace the State Earnings-Related Pension Scheme, which offered lower benefits to lower and middle income pensioners.


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Broadly, a good-quality scheme would be a defined contributions scheme where the contributions were at least as good as the Personal Account scheme or a defined benefit (or final salary) scheme which was able to contract out of the State second pension scheme.
You might also get something from the State Second Pension (S2P), but don't expect that to keep you in much style.
Millions of people who opted out of the state second pension (Sipps), where they will have greater control over where their pensions are invested.
 
 
 
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