SERPS: What the State Earnings-Related Pension Scheme Means for Your Retirement
Warren Team
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Key terms
- PensionA retirement plan funded by an employer that provides regular payments to employees after retirement. Increasingly rare in private sector, more common in government jobs.
- Living Below Your MeansA financial philosophy of spending less than you earn, creating a surplus for saving and investing. This habit is the foundation of building wealth over time, regardless of income level. It requires distinguishing needs from wants.
- IRA (Individual Retirement Account)A tax-advantaged retirement savings account that individuals can open independently. Traditional IRAs offer tax-deductible contributions, while Roth IRAs offer tax-free withdrawals in retirement.
- Earnings Per Share (EPS)A company's net profit divided by the number of outstanding shares. Used to measure profitability and calculate the P/E ratio. Higher EPS generally indicates better profitability.
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