Second State Pension(redirected from Second State Pensions)
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved