Group Pension Scheme
Group Personal Pensions (GPPs) are a valuable benefit that employers can offer to support their employees’ retirement planning.
A GPP is a collection of individual personal pension plans provided by an employer for their employees. Each employee has their own plan, which both the employer and employee typically contribute to, helping to build a retirement fund over time.
Employee benefits:
01
Peace of Mind
Employees will have peace of mind, knowing they are saving for retirement and can choose how and when to access their pension (subject to pension rules)
02
Tax Relief
Personal contributions are eligible for tax relief, making saving more efficient
03
Invest with Confidence
Access to long-term investing via their professionally managed pension investments, choosing a risk level that suits them
04
Flexibility
GPPs are personal pensions, so employees can take them with them if they change jobs
05
Digital Access
Many schemes offer digital platforms for employees to track and manage their pension savings
Employer benefits:
01
Staff Loyalty
A valuable tool for staff retention and attracting new employees
02
Demonstrates Commitment
Shows a commitment to employees’ long-term financial health
03
Savings
Tax and National Insurance Contributions (NICs) savings
04
Easy Pension Management
Simplified administration by using a pension provider
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