Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
lower earnings limit — (LEL) Set each tax year by the government, the amount below which an employee is not liable to make class one, primary national insurance contributions (NICs). In the tax year 2007/2008, the LEL is set at £87 each week. See also primary threshold … Law dictionary
upper accrual point — (UAP) Introduced under the Pensions Act 2007 as part of the simplification of the state second pension (S2P), the upper accrual point (UAP) replaces the upper earnings limit for the purpose of calculating (and capping) entitlement to S2P. The UAP … Law dictionary
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
Earnings Test — The earnings test was devised by the United States Social Security Administration to limit the earnings for workers 62 to 65 that will determine the amount of Social Security benefits received Eligibility The test only applies to people who are… … Wikipedia
earnings cap — / ɜ:nɪŋz kæp/ noun the upper limit on the amount of salary that can be taken into account when calculating pensions … Dictionary of banking and finance
National Insurance — Taxation in the United Kingdom This article is part of the series: Politics and government of the United Kingdom Central government HM Treasury HM Revenue and Customs Income tax … Wikipedia
National Insurance Contributions Act 2008 — The National Insurance Contributions Act 2008[1] Parliament of the United Kingdom Long title An Act to make provision in connection with the upper earnin … Wikipedia
primary threshold — An amount set each year by the government for the purposes of calculating the national insurance contributions (NICs) payable by employers and employees. In the tax year 2006/2007, the primary threshold is set at £97 each week. See also lower… … Law dictionary
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
UAP — upper accrual point (UAP) Introduced under the Pensions Act 2007 as part of the simplification of the state second pension (S2P), the upper accrual point (UAP) replaces the upper earnings limit for the purpose of calculating (and capping)… … Law dictionary
