State Second Pension

Definition: 

The State Second Pension (S2P) was the name of the additional pension introduced by the government in April 2002 to replace the State Earnings-Related Pension Scheme (SERPS). It was based on National Insurance contributions (NICs). However, this has been abolished for all except those reaching State Pension age before 6 April 2016 under the new State Pension regime.

 

 

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