Group Personal Pensions
This is a collection of personal pensions offered under the banner of a company. Each individual has their own personal pension, which they can take with them if they leave the company. Therefore, whilst the scheme is offered by a company, it comes under personal pension rules.
As each pension is held individually, the employee can therefore make their own investment decisions based on the investments available within from the provider.
Both the employee and employer may contribute to the scheme as long as the total contributions do not exceed the maximum percentage of net relevant earnings allowed.
The amount of pension received will depend on the total contributions and the investment returns received.
