SERPS

Definition: 

SERPS is an abbreviation of 'State Earnings-Related Pension Scheme' which was the extra state pension that employed people used to be able to build up. In April 2002, it was replaced by the State Second Pension (S2P), which will itself be abolished in 2016, when a new flat-rate pension will take place of both the basic state pension and the additional state pension.

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