basic state pension
(BSP)
The main type of state pension payable in the UK to individuals who have reached state pension age. There are several categories of BSP: a category A BSP is paid to an individual with a full record of national insurance contributions (NICs); a category B BSP is paid to the widow, widower or surviving civil partner of a deceased person when they are not eligible for a category A pension in their own right. The BSP is supplemented by the additional state pension.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • Basic state pension — The Basic State Pension is one part of the United Kingdom s Government pension arrangement, alongside Graduated Retirement Benefit and State Earnings Related Pension Scheme scheme (now State Second Pension). General principles The aim of the… …   Wikipedia

  • state pension — ➔ pension1 * * * state pension UK US noun [C or U] GOVERNMENT, FINANCE ► a regular income paid by the government to someone who does not work anymore: be eligible for/qualify for a state pension »When he turns 65, he becomes eligible for a state… …   Financial and business terms

  • additional state pension — A top up state pension designed to supplement the basic state pension. Now known as the state second pension (S2P), additional state pension used to be called the state earnings related pension (state earnings related pension scheme, SERPS). It… …   Law dictionary

  • State Second Pension — ➔ pension1 * * * State Second Pension UK US (also state second pension) noun [C or U] (ABBREVIATION S2P) ► GOVERNMENT, FINANCE in the UK, a pension in addition to the basic state pension …   Financial and business terms

  • Pension provision in the United Kingdom — UK Pension Provision falls into seven major divisions; Basic State Pension, State Second Pension (S2P), Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions. Personal Accounts automatic… …   Wikipedia

  • State Second Pension — On 6 April 2002, the Labour Government introduced the State Second Pension, or S2P to provide a more generous pension provision for UK workers. The main aim of this change was to enhance existing Additional Pension (or AP ) benefits for low and… …   Wikipedia

  • Pension — This article is about the retirement income arrangement. For the type of lodging, see Pension (lodging). For the mortgage repayment scheme, see Mortgage loan. Financial market participants …   Wikipedia

  • pension — ▪ I. pension pen‧sion 1 [ˈpenʆn] noun [countable] FINANCE an amount of money paid regularly by a government, company, or financial institution to someone who is officially considered to be too old or too ill to earn money by working; =… …   Financial and business terms

  • State Earnings-Related Pension Scheme — The State Earnings Related Pension Scheme (SERPS) is a UK Government pension arrangement. The scheme ran from 6 April 1978 to 5 April 2002. Everybody who paid full class 1 National Insurance at some point between 1978 and 2002 earned a pension… …   Wikipedia

  • pension — pen|sion1 W2S3 [ˈpenʃən] n an amount of money paid regularly by the government or company to someone who does not work any more, for example because they have reached the age when people stop working or because they are ill ▪ At what age can you… …   Dictionary of contemporary English

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”