SERPS


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SERPS

(sɜːps) or

Serps

(in Britain) n acronym for
(Government, Politics & Diplomacy) state earnings-related pension scheme
References in periodicals archive ?
Most of us signed up, including me, but I was only there a year or so before I left that place of employment and stopped paying into SERPS.
Over the last 20 years, most employed people could choose to be contracted out of the State Second Pension, or its predecessor known as SERPS, into a personal or stakeholder pension.
SERPS is the cheapest of all second pensions to administer in terms of cost but is opposed by financial institutions.
On June 12, 2000, I received a letter informing me the pension fund had wound up and because I had not contracted out of SERPS I would lose all of it.
But the failure of successive governments to uprate the state retirement pension and cuts in SERPS meant the target is no longer met.
5 million people who were within 10 years of claiming their state pension informing them of a change in the law which would eventually half the amount of SERPS someone could inherit from their partner.
It may be tempting for people to act purely according to their age when deciding to contract in or out of SERPS but the issue is more complex than this since consideration should also be given to the level of risk you are willing to accept.
However, as the stockmarket can go down as well as up, generally it is advisable for males to rejoin SERPS as they approach age 50.
The Government has recently altered the way in which SERPS operates.
SERPS have simply been reformed from April of last year to provide a more generous additional state pension for low and moderate earners, certain carers and people with long-term illnesses or disabilities who have worked on and off.