Providing a group pension plan for your employees is a tax-efficient way to ensure your employees are financially secure in retirement. With ever-changing legislation, increased governance requirements, it can be daunting to ensure you are meeting all of your requirements.
We don’t believe that a one-size-fits-all approach. We are here to guide you through the complex pensions journey to find the best solution for your business.
Why Start a Pension for your Employees?
- Help attract good people and retain your current employees
A pension plan is one of the most important benefits that you can provide for your employees. If you’ve got an employer-sponsored pension plan in place, your company will be more attractive to talented people.
- Could your employees survive on the State Pension alone?
At just €248.30 per week, the State pension is not enough for many people. By setting up a pension scheme for your employees you are helping them to reach their retirement goals.
- Payments can grow tax-free
The money in your employees’ pension plan can currently grow tax-free – so it should have the potential to grow faster than other types of savings plans that are subject to tax.
- Draw a tax-free cash sum at retirement
When your employees retire, they can currently take part of their pension fund as a tax-free lump sum. This can help them do those things they’ve always promised themselves. It’s a unique benefit available to your employees through their company pension plan.
What are your obligations?
As an employer, you are required to offer the facility for your employees to take out at least one standard PRSA if:
- You do not currently have a pension scheme in place
- You have employees that are not included in the pension scheme; or
- You have imposed a waiting period for membership for the pension scheme of more than 6 months; or
- You do not allow employees to take out an AVC plan (within your scheme rules).
How can we help?
- Your dedicated Financial Advisor and our Support Team are here to offer advice and help throughout our relationship. Not only will we help with the onboarding process, also we are always on hand to take care of any questions and needs as they arise.
- Through collaboration with the largest providers in the market, we have digital tools that allow your employees to become involved in their own investments.
- We take ownership for all administration, allowing you to focus on your business.
To discuss your employee pension options, request a call back using the button below or contact 0818 297 600.