I am an Employer

As an employer you are legally required to provide your employees with access to either an;

Occupational Pension Scheme, or a Group Personal Retirement Savings Account PRSA

There are a number of key differences of how each operate and it is important to consider your particular circumstances and needs

For example;

Employer investment; you do not have to make contributions to a Group PRSA arrangement.

Trustee appointment; you do not have to establish a Group PRSA structure under trust. Therefore, trustees do not need to be appointed.

Employee life insurance; you do not have to set up protection benefits for your employees, however, they are highly valued by employees. It can prove to be a very inexpensive way to provide a very valuable employee benefit.

Contributing to a workplace pension plan for your employees can be a highly valued additional benefit, there are also very generous tax advantages for you too

As an employer you benefit from tax relief on any contributions that you make to your employees pension plan. These can normally be offset against Corporation Tax as a business expenses (Revenue maximum limits apply).

Employees can benefit from tax relief up to 40% on their own investments into the pension plan (Revenue maximum limits apply). A EUR 100 gross investment only costs EUR 60 after tax relief!

Employees may benefit from tax free growth on their investment, and access to a tax free lump sum at Normal Retirement Age NRA.

What next?

At Nelson Life we are available to discuss the differences between each arrangement and help direct you to decide upon the best option. We can assist with setting up process and assist your employees in selecting an appropriate investment fund.

You are legally required to provide employees with access to some form of pension arrangement. We can help with ensuring that this is done.

If you do not have a pension arrangement in place, contact us now to appoint a designated Standard PRSA provider. This is the very least that you are legally required to do.

Auto enrolment?

When the proposed auto-enrolment pension scheme system is introduced it will mean that employees will automatically be included into a pension scheme. You will be required to make some level of contributions. It is expected that your employer and the Government will pay into the scheme. The exact details are to be confirmed.

At Nelson Life we have access to many different pension solutions from the strongest providers