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 ?
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.
About eight million APPs were sold to people who hoped to boost their pensions by contracting out of second state pensions.
In April this year the new Carer's Credit will be introduced and will count towards basic and second state pensions.