A Group Personal Pension (GPP) scheme is a collection of personal pension plans provided by you for your employees. Each member will get their own plan, which you can both contribute to. We invest the contributions in funds so they can buy an annuity (pension) when they retire.
We provide a range of products and services for employees and trustees. From workplace pension schemes and auto-enrolment support, to bulk purchase annuities and work-life benefits. Our professional advisers will review your group pension arrangements, ensuring they meet the needs of your employees as well as those of your business.
We can offer initial communications to employees through to annual reviews, as well as provide you with ongoing corporate governance and guidance on legislative updates.
The government introduced auto-enrolment from 1 October 2012. It will improve the living standards of millions of people when they retire. Make sure your business is one step ahead.
Under the rules, employers have to automatically enrol eligible workers into a company pension scheme, if they aren’t already in one, make contributions to their pension fund, and perform other duties, too.
You need to start performing these duties from what’s known as your ‘staging date’, although there is an option to postpone some duties by up to three months.
The Pensions Regulator can take severe enforcement action. To give you an idea, businesses with over 50 employees could face fines of around £75,000 a month (based on an escalating daily rate of £2,500). You can find out more on the Pensions Regulator’s website.
If you don’t already have a pension scheme, we can help you set one up. We can offer a range of tools and advice to help you deal with auto-enrolment, including planning support to help you get ready in time for your staging date.
If you already have a pension scheme, we can walk you through a step-by-step process to ensure you are ready for auto-enrolment. We’ll help you to make the decisions and take action – before and after your staging date.
It’s important to remember that the value of an investment and any income from it can fall as well as rise and isn’t guaranteed. Employees may get back less than the amount they originally invested.