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Jargon Buster

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.

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.

Articles

Preparing for the upcoming age discrimination legislation

Although implementation of the age discrimination legislation may seem some way off, employers would do well to start preparing early, for example, by carrying out an audit of age related policies.

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