group personal pension plan
- group personal pension plan
-
An arrangement for the employees of a specific employer to participate in a personal pension scheme on a group basis. A GPPP is effectively a series of individual personal pensions (not a common fund) provided by a single life insurance company. The pension fund belongs to the employee and can be taken with him when he leaves his employment. Benefits in a GPPP accrue on a money purchase basis (See money purchase scheme/money purchase plan).
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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