Group Personal Pensions (GPPs)

What is a GPP?

It is a pension scheme which allows employees to make a contribution into a pension alongside the contribution from the employer.  By grouping all employees together it allows employers and their advisers to negotiate better terms for employees and access to a pension they wouldn’t be able to get privately.

What does it aim to do?

It enables employers to help save for an employees retirement tax efficiently and without onerous on-going liabilities.  As it is not classed as an occupational scheme then the employer is not subject to the same reporting rules and regulations, this means they are easier and more cost effective for employers to manage.

Employees have far more options and control under GPP rules, they will have their own policy number and be allowed to choose their own investments should they not like the default fund on offer.  Typically most modern schemes allow online access for employees to see exactly what they have invested and what the policy value is at any time.  There are many other tools and benefits online for employees to utilise.

Tax Benefits

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