The Pensions Guide


Pensions Knowledgebase and Glossary

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General levy This is paid by all occupational and personal pension schemes covered by the Pension Schemes Registry.
It pays for the Pension Schemes Registry, the Pensions Ombudsman and the Occupational Pensions Regulatory Authority (OPRA).
Glasses and Contact lenses If you are receiving Pension Credit, you may get vouchers towards to the cost of glasses and contact lenses.
Group Personal Pensions (GPP) Some employers offer access to a personal pension scheme. They may also have negotiated lower administration costs with pension providers and make contributions to your pension themselves.
Your employer will usually select a pension provider (e.g. a bank or life insurance company) and choose a pension scheme which they think will be suitable for their employees. Such an arrangement is called a GPP.
A pension taken out through a GPP is a personal pension and should not be confused with an occupational pension scheme. You get tax relief on your contributions.
If you decide to leave your employer you may still be able to make payments into your pension, but you may pay higher administration costs.

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