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Group paid-up life insurance

Type of group permanent life insurance in which the employee’s contributions are used to purchase paid-up insurance. The employer’s contributions are used to purchase term insurance. The employees’ insurance coverage remains level each year. As the amount of paid-up insurance increases over time, the amount of term insurance that the employer purchases to make up the difference decreases. This type of life insurance has a cash surrender value.

Group personal pensions (GPP)

Personal pension plans arranged by an employer for his employees. Employers may contribute. GPPs are not occupational schemes, simply individual personal pensions grouped for administrative convenience. They are defined contribution schemes with no maximum on the retirement benefits. The employee makes his own contracting out arrangements but this will not affect national insurance contributions.