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(ii) has been employed in pensionable employment after 5 April 1988 for at least 2years; or(iii) served in pensionable employment before 6 April 1988 and has beenemployed for at least 5 years in pensionable employment.State Basic Pension You need to have paid national insurance contributions for most ofyour working life to qualify for a full basic pension. The current rate for a man or womanwith a full contributions record is £97.65. A wife qualifying on her husband’s contributionsis entitled to £58.50, making a couple’s pension of £156.15 a week. The pensionincreases each April in line with the higher of RPI, CPI, average earnings or 2.5%.SERPS The state earnings related pension scheme which ran from1978 to 2002 andpays a pension based on revalued career earnings.State Second Pension (S2P) Introduced from 6 April 2002 to replace SERPS. Delivers abetter pension for the lower paid and for carers who were previously unable to build upSERPS entitlement.Transfer Value A calculation of an early leaver’s pension entitlement which should allowyou to buy pension rights in your new employer’s scheme or a personal pension.102September 2012