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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?

  1. 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.

  1. 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.

  1. 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.

  1. 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 1890 300 303.

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.


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