skip to content

Jargon Buster

Group Personal Pension Scheme

A GPPS is often set up by an employer rather than an occupational pension scheme. Basically, it is simply a collection of individual personal pension schemes for employees, but with one pension provider and to which scheme only the employer will contribute rather than making fragmented contributions to personal pension schemes selected by individual employees.

GN

[Actuarial] Guidance Notes

GAD

Government Actuaries Department. www.gad.gov.uk

GPP

Group Personal Pension

GMP

Guaranteed Minimum Pension

Guaranteed Minimum Pension

The minimum level of pension a scheme must provide for pre April 1997 service if it was contracted out.

Grant of Probate

The official procedure whereby the court accepts the validity of the deceased’s will and the appointment of the Executors to administer the estate.

Articles

What constitutes benefit?

In the case of Chapman vs Chapman [1954] the court found that it had no inherent jurisdiction to approve a variation of trusts for minor, unborn or unascertained beneficiaries just on the ground that the variation was for their benefit. The position was changed by the Variation of Trusts Act 1958 (the 1958 Act).

Read more