Group Pensions
A Group Personal Pension ('GPP') is simply a series of individual personal pensions that an employer makes available to staff.
One of the most significant benefits of a GPP is that it sends a message to potential and existing employees that you value them and what they do. Also, we are all acutely aware of the importance of saving for our retirement and this gives people one less thing to worry about and one more reason to stay with you or to approach you for work. You can see how the implementation of a GPP could assist in improving and maintaining performance in the workplace and assist you in your goal of recruiting and retaining quality staff.
If this sounds attractive to you as an employer, you need to ask yourself several important questions. How do you know which provider to go with? Do you have to make a contribution? Does the GPP have to be made available to all staff? What about the company directors?
Clearly, you need thorough research and expert advice to ensure that the GPP you make available is the right one for both your business and the people you employ.
At S&P, we have several pension experts, who are dedicated to ensuring the smooth running of GPPs. We also have a department that deals with the set up and administration of these schemes, of which we currently run dozens across the county and beyond. We have provided our services to many of these businesses for years.
