EXCLUSIVE RESEARCH: Group personal pension (GPP) plans remain the most popular primary workplace scheme, according to the Employee Benefits/Close Brothers Pensions research 2015.
The research, which surveyed a total of 259 respondents in September 2015, found that while 68% of repondents offer this type of scheme as their organisation’s primary workplace pension arrangement, this percentage has declined slightly from the 78% that did so in 2014’s Employee Benefits/Close Brothers Pension research, published in November 2014. But, although figures have slightly dropped, the contract-based defined contribution (DC) GPP scheme has remained the most popular type of pension offered by respondents since 2005.
Master trusts also remain popular schemes offered by employers, as shown by the 22% that cited it as their primary workplace pension plan this year.
Trust-based DC schemes are offered by a larger percentage of respondents this year: 45% now offer it as their primary pension scheme and 8% as their secondary, compared to 40% and 3%, respectively, in 2014.