State Earnings-Related Pension Scheme

State Earnings-Related Pension Scheme
= SERPS
A scheme, started in 1978, run by the UK government to provide a pension for every employed person in addition to the basic state flat-rate pension. The contributions are paid from part of the National Insurance payments made by employees and employers. Payment of the pension starts at the state retirement age and the amount of pension received is calculated using a formula based on a percentage of the person's earnings. Persons who wish to contract out of SERPS may subscribe to an occupational pension scheme, a personal pension scheme, or a stakeholder pension scheme From 2003 SERPS will be slowly phased out in favour of the State Second Pension (SSP or S2P), a flat-rate scheme targeted at those on lower incomes.

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  • State Earnings-Related Pension Scheme — ( SERPS) A top up pension scheme to boost the state basic pension. Employees can build up an entitlement to SERPs by paying National Insurance Contributions on part of their earnings. Financial Services Glossary SERPS was replaced by the State… …   Financial and business terms

  • state earnings-related pension scheme — (SERPS) United Kingdom An additional state pension based on the employee s national insurance contributions (NICs) and earnings. It ran from 6 April 1978 to 5 April 2002 when it was replaced by the …   Law dictionary

  • state earnings related pension scheme — Entitlement to SERPs is in addition to the basic pension and as its amount is dependent on the claimant s earnings since April 1978 on which employee National Insurance Contributions (NIC) have been paid. SERPs can be replaced by a contracted out …   Law dictionary

  • State Earnings Related Pension Scheme — UK US noun ► FINANCE SERPS(Cf. ↑SERPS) …   Financial and business terms

  • State Earnings-Related Pension Scheme — The State Earnings Related Pension Scheme (SERPS) is a UK Government pension arrangement. The scheme ran from 6 April 1978 to 5 April 2002. Everybody who paid full class 1 National Insurance at some point between 1978 and 2002 earned a pension… …   Wikipedia

  • State Earnings-Related Pension Scheme — SERPS A scheme, started in 1978, run by the UK government to provide a pension for every employed person in addition to the basic state flat rate pension. The contributions are paid from part of the National Insurance payments made by employees… …   Accounting dictionary

  • earnings-related — ˌearnings reˈlated adjective ACCOUNTING relating to the amount of money that you earn and changing in relation to this amount, used especially about a pension scheme: • a state earnings related pension scheme • earnings related contributions * *… …   Financial and business terms

  • earnings-related — ADJ: usu ADJ n An earnings related payment or benefit provides higher or lower payments according to the amount a person was earning while working. [BRIT] ...the Government s State Earnings Related Pension Scheme …   English dictionary

  • occupational pension scheme — superannuation A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self administered. If it is insured, an insurance company pays the… …   Big dictionary of business and management

  • occupational pension scheme — superannuation A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self administered. If it is insured, an insurance company pays the… …   Accounting dictionary

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