A scheme run by the UK government to provide a pension in addition to the basic state retirement pension. It was introduced in April 2002 to replace the existing State Earnings Related Pension (SERPS). Contributions are made through National Insurance payments. Those wishing to contract out of SSP may currently subscribe to an occupational pension scheme or a personal pension scheme; from 2012, however, it will only be possible to contract out through a defined-benefit scheme operated by an employer.
Subjects: Accounting — Law.