= SERPS

A scheme, started in 1978, run by the UK government to provide a pension for every employed person in addition to the basic state flat-rate pension. The contributions are paid from part of the National Insurance payments made by employees and employers. Payment of the pension starts at the state retirement age and the amount of pension received is calculated using a formula based on a percentage of the person's earnings. Persons who wish to contract out of SERPS may subscribe to an occupational pension scheme, a personal pension scheme, or a stakeholder pension scheme. From 2003 SERPS will be slowly phased out in favour of the second state pension, a flat-rate scheme for those on lower incomes.

• first mortgage debenture
• first notice day
• first of exchange
• first preferred stock
• first-tier stock market
• first-year allowance
• fiscal agent
• fiscal drag
• fiscal policy
• fiscal year
• Fisher effect
• Fitch's Investors' Service
• fixed asset
• fixed capital
• fixed capital formation
• fixed charge
• fixed-charge-coverage ratio
• fixed debenture
• fixed exchange rate
• fixed-for-fixed
• fixed-for-floating
• fixed-interest security
• fixed-price tender
• fixed-price tender offer
• fixed rate