A personal pension scheme is an arrangement where an individual contributes a portion of their salary to a pension provider, like an insurance company or bank, to secure funds for retirement.
SERPS is an abbreviation for the State Earnings-Related Pension Scheme, which was a UK government pension scheme designed to provide an additional level of pension income based on an individual's earnings.
An abbreviation that can refer to either Statutory Sick Pay or State Second Pension, SSP is a term often encountered within UK employment and benefits legislation.
The State Earnings-Related Pension Scheme, commonly known as SERPS or the State Second Pension (S2P), was a component of the UK’s state pension system designed to supplement the basic state pension by providing additional benefits based on earnings.
The State Second Pension (S2P) is a former component of the UK state pension system, aimed at providing additional retirement income based on earnings.
The State Second Pension (SSP), also known as S2P, was a former UK government scheme intended to provide an additional pension on top of the basic state pension. It was introduced in 2002 to replace the State Earnings Related Pension (SERPS) and was funded through National Insurance contributions. The scheme was phased out in April 2016 and replaced by the New State Pension, a single-tier pension system.
