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
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