Group Personal Pension Plans
Personal Pension Plans (PPPs) were originally designed for the millions of employed & self-employed individuals who did not have access to a company pension scheme. However their flexibility and administration costs soon led to the development of grouping individuals into a scheme by centralising premium collection and offering membership through the employer.
Operating thus each individual policy is still owned and controlled by the member. Unlike some company schemes, all personal pensions work on a ‘money purchase’ basis. This means that the money you save each month into a Personal Pension Plan is invested (typically in investment funds) and is then used at retirement to provide you with pension benefits.
Charges are made by the provider (generally an insurance company) against the value of the investments which cover the costs of the administration. Some other providers would charge fees to cover their costs, especially Self Invested Personal Pension Schemes (SIPPs).
Our experience in this area and our size enables us to provide personal advice in selecting the most suitable schemes on cost-effective terms and implementing them in an appropriate style, often employer branded and bespoke. The services we offer can include:
- rebroking of new and existing schemes to ensure that the charges and the scheme are the best available and are appropriate for you. All schemes are now individually charge costed, so for many schemes charges can be reduced the more mature they become;
- personalised (including your corporate logo) members booklets to improve employee communication and appreciation;
- one to one employee and member meetings;
- seminars to promote the employee understanding of your benefit package;
- senior personnel individual reports;
- direct dealing with member queries;
- regular reminders to members updating death nomination letters;
- monthly premium reconciliation and collection;
- advice and assistance with flexible benefit packages;
- annual member reward statements explaining the value of your benefit package;
- holiday and absence management systems;
- employers benefit website;
- employees access to independent financial advice;
As such we can often save our clients money by outsourcing and improve the service they receive, so contact us for a free review.
Retirement forecast
Not all of the above services are regulated by the Financial Services Authority.