Second State Pension

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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.
References in periodicals archive ?
IF you're an employee and want to contract back into the State Second Pension scheme, you need to fill in a form from your pension provider.
TUC general secretary Frances O'Grady said: "The state second pension was designed to give low and middle-income earners a much-needed top-up.
Those earning over pounds 4108 a year are entitled to an extra pension through the State-Earnings Related Pension Scheme (Serps), the State Second Pension (S2P) or their work scheme.
At the Conservative Enterprise Forum in Westminster, Mr Willetts said the Conservatives would also simplify the regulation governing company pension schemes and phase out the "elaborate regime" for contracting out of the state second pension.
If so, you could be one of the thousands of people in Coventry and Warwickshire who could get more money when you retire through the State Second Pension.
Then there is the State Second Pension, which used to be called SERPS (State Earnings Related Pension Scheme).
A rebate on national insurance for people in schemes that opt out of the state second pension will be axed.
Entitlement to any earnings related state benefits such as State Second Pension could also be affected.
Later TUC general secretary Brendan Barber said: "This is a disappointing judgement for pensioners and scheme members whether they draw a private, public or state second pension.
Over three-quarters of organisations favoured the creation of a singletier pension in principle, which would combine the basic state pension and state second pension.
5 million pensioners currently get more than pounds 150 a week from the state, thanks to top-ups from the state earnings-related pension scheme (Serps) or the state second pension (S2P) paid for by higher National Insurance contributions.
The National Association of Pension Funds called for the basic state pension and the state second pension to be combined into a new foundation pension.