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In April 2002 SERPS accrual ended and was replaced by the State Second Pension. The main reason for the change was to provide a larger pension to people of low earnings. From April 2016 the old Basic State Pension plus Additional State Pension (SERPS, State Second Pension and Graduated Retirement Benefit) were replaced by the New State Pension.
Earnings in the lowest band are treated as though they were actually at the threshold of the next band. Thus, under SERPS, earnings of £10,000 a year would produce a pension of just £939 a year - 20 per cent of (£10,000 - £5,304) – whereas under S2P the same earnings would lead to a pension of £3,638 a year – 40 per cent of (£14,400 - £5,304) – nearly four times as much.
As with SERPS, the level of pension payable is related to the recipient's earnings via their National Insurance contributions. Qualification is based on earnings at, or above, the LEL, but no band earning calculation is made until earnings reach a higher base (£12,500 pa in 2006/07) called the Lower Earnings Threshold (LET).
SERPS may refer to: State Earnings-Related Pension Scheme, a UK Government pension arrangement from April 6, 1978 to April 5, 2002; SERPs, short for search engine ...
Unemployment was now well in excess of 1,000,000 people, whereas it had been less than 600,000 at the start of the decade. This was the result of the economic decline, as well as advancing engineering techniques which required fewer personnel, along with other factors including the closure of unprofitable factories and coalmines.
After many changes to the backend search engine, MSN would start developing in-house search technology in 2005, and later change its name to Bing in June 2009. August: New web search engine: Direct Hit Technologies releases their popularity search engine in partnership with HotBot, providing more relevant results based on prior user search ...
Although GoTo.com started PPC in 1998, Yahoo! did not start syndicating GoTo.com (later Overture) advertisers until November 2001. [16] Prior to this, Yahoo's primary source of SERPs advertising included contextual IAB advertising units (mainly 468x60 display ads).
Graduated Retirement Benefit was still abolished in 1975, replaced by the SERPS scheme in 1978. ... who responded "if you're not going to stand, I will, because ...