SERPS /sɜːps $ sɜːrps/
abbreviation for State Earnings-Related Pension Scheme; a former British government system which paid a regular income to people who had stopped working because they were old, based on the amount that they earned while they were working. SERPS was replaced n 2002 by the State Second Pension which provides an increased extra STATE PENSION for people with low or middle incomes.

[TahlilGaran] Dictionary of Contemporary English ▲