Pensions Regulator to list GPPs open to all employers
28 April 2016
The Pensions Regulator (TPR) is to publish a list of group personal pensions (GPPs) open to any employers seeking to comply with their automatic enrolment duties.
TPR believes well-run multi-employer master trusts and GPPs are the best choice for small and micro employers preparing to meet their workplace pension duties. A list of independently reviewed master trusts which are open to all employers is already available on the employers’ section of TPR’s website.
Now GPP providers which meet similar criteria are being encouraged to apply to appear on a new list on the website, increasing the choice of well-run schemes available. The criteria for joining the GPP list has been published.
The criteria for GPPs to appear on the new list are intended to mirror, as far as possible, the criteria for master trusts. Crucially, this means that not only must GPPs be open to all employers but that providers will need to confirm that their independent governance committee or governance advisory arrangement has assessed the product on offer. TPR is producing a checklist for providers to use when submitting information.