In a group pension, the scheme is run by a pension provider that your employer chooses, It’s a collection of individual pension plans – and one of these plans will belong to you. Your pension pot builds up using your contributions, any contributions your employer makes, investment returns and tax relief.
They are a tax efficient, flexible and accessible way to provide financial security for your employees’ retirement.
If you are a member of an occupational pension scheme, then a group AVC scheme can be set up so you can improve the benefits you receive on retirement.