Pensions

Company Pensions

Pensions are potentially an enormous benefit of employment and are used by discerning employers to obtain and retain staff. They are also hugely tax efficient for both Employer and Employee and are worth considering. We have expertise in designing Group schemes suitable for your company. As independent Financial advisors, we can look at all options available for your company and guide you through the process of setting up a scheme. There are considerable advantages of company Pensions including:

• enhanced capacity to fund
• employer contributions are tax deductible by the company
• employee contributions are tax and PRSI deductible by the Director and employee at up to 47%: equivalent to a Government contribution of up to 88%
• employee contribution actually saves an Employer PRSI at 10.75%

An employer must contribute to a company Pension scheme - although the requirement by law is modest: the contribution need only be a minimum of 10% of what the employee chooses to contribute. It is also possible to add additional benefits to a Company scheme, the most common of these are:

• Death in service cover: in effect, Life cover - which is usually arranged as a Multiple of salary, and
• Income continuance (often called Income protection): this provides an income to an employee in the event of a long term Illness or Accident. If you have never considered this area of cover, it is worth doing so - as it can become a sensitive issue if a valued employee becomes seriously ill or has an accident which renders the employee unable to work for a long period. Can you as an employer afford to bear this cost - while also wishing to look after your employee (and the family's) welfare?

We also provide an independent review service for existing schemes - so if your scheme has under performed or was set up with an uncompetitive charging structure - as many schemes pre 2001 were , why not do something about it now rather than throw good money after bad.