Group personal pension
An arrangement for the employees of a specific employer to participate in a personal pension scheme (www.practicallaw.com/A36653) on a group basis. A GPP is effectively a series of individual personal pensions (not a common fund) provided by a single insurance company or other provider authorised by the Financial Conduct Authority (FCA) (www.practicallaw.com/5-107-5761). The pension fund belongs to the employee and can be taken with him when he leaves his employment. Benefits in a GPP accrue on a money purchase (www.practicallaw.com/A36457) basis.