upper accrual point

upper accrual point
upper accrual point (UAP)
Introduced under the Pensions Act 2007 as part of the simplification of the state second pension (S2P), the upper accrual point (UAP) replaces the upper earnings limit for the purpose of calculating (and capping) entitlement to S2P. The UAP has been fixed at £770 a week (the level of the upper earnings limit for 2008/09). It will remain at that level, leading to an erosion of earnings-related S2P accrual. By 2030, entitlement to S2P will be calculated entirely on a flat-rate basis.

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

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