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Pensions Glossary

Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.

What is SERPS?

SERPS, or the State Earnings Related Pension Scheme, was a pension arrangement allowing those who paid full Class 1 National Insurance contributions between 1978 and 2002 to receive an earnings-based pension. It was possible to opt out of SERPS, which was replaced by the Second State Pension in 2002.

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