state second pension

state second pension
A top up state pension that replaced the state earnings-related pension scheme (SERPS) from 6 April 2002. S2P is an additional state pension based on an employee's national insurance contributions (NICs) and earnings. S2P is more generous for low and moderate earners than SERPS, and covers certain carers and people with long-term illness or disability.
Related links
National Insurance Contributions Office (NICO) website
National Insurance Services to Pensions Industry website (NISPI)
stakeholder pensions

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • State Second Pension — ➔ pension1 * * * State Second Pension UK US (also state second pension) noun [C or U] (ABBREVIATION S2P) ► GOVERNMENT, FINANCE in the UK, a pension in addition to the basic state pension …   Financial and business terms

  • State Second Pension — [State Second Pension] » ↑S2P …   Useful english dictionary

  • State Second Pension — On 6 April 2002, the Labour Government introduced the State Second Pension, or S2P to provide a more generous pension provision for UK workers. The main aim of this change was to enhance existing Additional Pension (or AP ) benefits for low and… …   Wikipedia

  • State Second Pension — S2P; = SSP See: State Earnings Related Pension Scheme …   Accounting dictionary

  • State Second Pension — SSP; S2P See State Earnings Related Pension Scheme …   Big dictionary of business and management

  • State Second Pension — ➡ S2P. * * * …   Universalium

  • 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 — ( 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

  • Pension provision in the United Kingdom — UK Pension Provision falls into seven major divisions; Basic State Pension, State Second Pension (S2P), Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions. Personal Accounts automatic… …   Wikipedia

  • pension — ▪ I. pension pen‧sion 1 [ˈpenʆn] noun [countable] FINANCE an amount of money paid regularly by a government, company, or financial institution to someone who is officially considered to be too old or too ill to earn money by working; =… …   Financial and business terms

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