State Earnings-Related Pension Scheme

State Earnings-Related Pension Scheme
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 Second Pension (SP2) in April 2002, which is designed to provide a better pension than SERPs for people on a low income. People on moderate to high incomes will be encouraged to contract out of the SP2 scheme. Financial Services Glossary

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state earnings-related pension scheme state earnings-related pension scheme scheme

Financial and business terms. 2012.

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Look at other dictionaries:

  • 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

  • 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… …   Big dictionary of business and management

  • 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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