Earnings in the lowest band are treated as though they were actually at the threshold of the next band. Thus, under SERPS, earnings of £10,000 a year would produce a pension of just £939 a year - 20 per cent of (£10,000 - £5304) - whereas under S2P the same earnings would lead to a pension of £3638 a year - 40 per cent of (£14,400 - £5304) - nearly four times as much. However, under SERPS earnings of £25,000 a year would produce a pension of £3939 a year - 20 per cent of (£25,000 - £5304) - but under S2P only £4698 a year - 40 per cent of £9096 plus 10 per cent of (£25,000 - £14,400). At the "3 x LET - 2 x LEL" threshold (£32,592 a year) SERPS and S2P pensions are equal and the same rate of accrual (20 per cent) applies above that.