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.
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Anyone giving up 20 hours or more a week to provide unpaid care for a loved one could qualify for the benefit - a top-up that protects their basic and second state pensions in later life.
Seven months on and carers still left waiting for backdated benefits; Victims owed many pounds 1,000s
About eight million APPs were sold to people who hoped to boost their pensions by contracting out of second state pensions.
Lifetime loss of pounds 780m for pension savers
As the figure shows, within the rising total a roughly constant proportion of national income would be spent on the national insurance-based basic and second state pensions together, but means-tested top-ups would have increased, the cost of Pension Credit quadrupling from 0.5 to 2 per cent of GDP.
Demographic trends and the future of pensions in the UK
In April this year the new Carer's Credit will be introduced and will count towards basic and second state pensions.
Pension scheme for carers

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