Group Pension Advice

A group personal pension, or GPP is a collection of individual pension plans set up as a group. (traditionally found with companies and the company pension scheme.)
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
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This website describes our Pension Tracing Service. We are not affiliated with the Government’s Pension Tracing Service and if you have come to our site by mistake you can find the UK Government’s Pension Tracing Service here

GOV.UK

What is a Group Personal Pension?

A group personal pension, or GPP is a collection of individual pension plans set up as a group. (traditionally found with companies and the company pension scheme.)

One of these plans would belong to you and because it’s set up as a GPP, this allows you to take advantage of lower charges than you might get if you set up a personal pension plan.

In most cases, your contributions are taken directly from your salary and paid by your employer to the pension provider. The funds that build up over the years until retirement will then be used to give you a regular income in your retirement.
Tax treatment varies according to individual circumstances and is subject to change.

Tax Benefits

To encourage people to save into a pension, the Government offers generous tax advantages:

The contributions made benefit from tax relief. So each time a payment is made into the plan, the taxman pays in too.

If you are a higher-rate taxpayer, then you can claim additional tax relief through the self-assessment.

Savings are allowed to grow in a tax-efficient way.

Changing Jobs

If you change jobs, your group personal pension is usually automatically converted into a personal pension which you can continue paying into independently.

However, you should check to see if your new employer offers a pension scheme. You may find you’ll be better off joining your new employer’s scheme, especially if the employer contributes. Compare the benefits available through your employer’s scheme with your group personal pension.

If you decide to stop paying into a group personal pension, you can leave the pension fund to carry on growing through investment growth – check to see if there are extra charges for doing this.

Auto Enrolment

Due to the pension crisis, the government has introduced a law the requires employers to enrol all eligible jobholders into a company pension scheme. This is to encourage people to save more for their retirement. Employers will automatically enrol their eligible workers into a workplace pension scheme unless they decide to opt out.

Who will be automatically enrolled into a Group Pension?

Employers will have to enroll workers into a workplace pension if the worker:
Is not already in a suitable workplace pension scheme
Is at least 22 years old, but under State Pension age
Earns more than £10,000
Works in the UK
Automatic enrolment applies equally to full-time and part-time workers as long as the above required criteria has been met.

What happens when you're Automatically Enrolled?

Your employer must write to you when you've been automatically enrolled in their workplace pension scheme. They must tell you:
The date they added you to the pension scheme
The type of pension scheme and who runs it
How much they'll contribute and how much you'll have to pay in
How to leave the scheme, if you want to
How tax relief applies to you
Looking for a Pension Specialist Financial Adviser near you? 
Contact us today to schedule a free initial appointment to discuss your pensions options!
Transferring out of a defined benefit/ final salary pension is unlikely to be in the best interest of most people.

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Disclaimer

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Beals Wealth Management and Pension-Tracing-Service-UK.co.uk are trading styles of Beals Mortgage and Financial Services Ltd, an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Beals Mortgage and Financial Services Ltd is registered in England and Wales, No: 08286166. Registered Address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, PO15 7FN

Auto enrolment, Taxation Advice including Inheritance Tax Planning, Estate Planning and Pension Tracing are not regulated by the Financial Conduct Authority.
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