State Earnings-Related Pension Scheme

State Earnings-Related Pension Scheme

The State Earnings Related Pension Scheme (SERPS) was a UK Government pension arrangement, to which employees and employers contributed between 6 April 1978 and 5 April 2002, when it was replaced by the State Second Pension.

Employees who paid full class 1 National Insurance contributions between 1978 and 2002 earned a SERPS pension. Members of occupational pension schemes could be "contracted out" of SERPS by their employer, in which case they and the employer would pay reduced NI contributions, and they would earn virtually no SERPS pension.

Read more about State Earnings-Related Pension Scheme:  General Principle, Detailed Calculations, Contracting Out, After 2002

Famous quotes containing the words state, pension and/or scheme:

    Farewell? a long farewell to all my greatness.
    This is the state of man; today he puts forth
    The tender leaves of hopes, tomorrow blossoms,
    And bears his blushing honors thick upon him:
    The third day comes a frost, a killing frost,
    And when he thinks, good easy man, full surely
    His greatness is a-ripening, nips his root,
    And then he falls as I do.
    William Shakespeare (1564–1616)

    It is a sort of ranger service. Arnold’s expedition is a daily experience with these settlers. They can prove that they were out at almost any time; and I think that all the first generation of them deserve a pension more than any that went to the Mexican war.
    Henry David Thoreau (1817–1862)

    We doubt not the destiny of our country—that she is to accomplish great things for human nature, and be the mother of a nobler race than the world has yet known. But she has been so false to the scheme made out at her nativity, that it is now hard to say which way that destiny points.
    Margaret Fuller (1810–1850)