| A UK government scheme introduced in 1978 that enabled employees to top up the basic pension received on retirement with additional pension payments based on their earnings. SERPS was replaced in 2002 with the state second pension (S2P), designed to give more to the lower paid and middle earners, carers and the long-term disabled with broken work records. Whereas with SERPS, the more you earned, the higher your pension, S2P operates a flat rate which means that high earners will be better off opting for private pension schemes.
|
