UBPAS: The state scheme
How does membership of UBPAS affect my state pension?
The State pension scheme is currently made up of two parts:
- Basic State pension: everyone who has paid sufficient National Insurance contributions is currently entitled to the basic State pension at State pension age. The basic State pension is a flat rate pension which is reviewed each year by the Government.
- State Earnings Related Pension Scheme (SERPS): SERPS was introduced in 1978. It is paid through full rate National Insurance contributions and provides an additional pension which is related to earnings. SERPS was replaced in April 2002 by the State Second Pension (S2P).
As a member of UBPAS you will not receive a SERPS pension in respect of your period of membership of UBPAS after 5 April 1978. This is because UBPAS is contracted-out of SERPS from 6 April 1978.