2.2.3 Social Security Pensions Act 1975
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The Act established the State Earnings Related Pensions Scheme
(SERPS) in addition to the basic flat rate pension. It came into
operation in April 1978. Future SERPS accrual ceased on 5th April
2002.
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It was possible to contract out of SERPS by providing at least
equal benefits (the GMP) through a defined benefit occupational
scheme.
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The State Second Pension (S2P) was introduced on 6th April 2002
to replace SERPS.
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Click for information on contracting out
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