What is a Group Personal Pension?
A group personal pension (GPP) is a type of pension offered by some employers. Your employer chooses a pension provider for you to pay into. But the pension arrangement is purely between you and the provider.
Group Personal Pensions are offered as a way to help you reduce tax on your income earnings. And companies offer them to make you feel like your salary is going further. But here’s the thing… If you’ve had more than one job (and these days, who hasn’t) then chances are you may have had more than one company pension scheme.
How can Profile Pensions help?
A lot our customers call us saying they’ve forgotten the group personal pension schemes they’ve paid into. Or they’ve only paid attention to their most recent scheme. They’re getting close to retirement and realise they have other pension contributions out there.
If you have a company pension (or pensions) lying dormant it’s a total waste of your precious pension funds. You should really track down every pension plan, scheme, or pot you’ve paid into. Then merge them into one streamlined plan that will yield better overall growth.
Sound like a hassle? Actually, it is. But that’s how we earn our fee. If you’ve got the paperwork, we’ll take care of it. Seriously If you’re willing to spend 10 minutes on the phone with us (vs hours on hold with every past provider…) then we can:
- Track down every one of your pensions
- Review your contributions across all schemes
- And advise you what to do next.
All for free. There’s no obligation to work with us beyond that. And we’ll hand all the info back to you to for your own records. It is, after all, your pension and your choice where you take it. We’d just like the opportunity to help you with your choice.