Whether you are an employer or self-employed, the need to fund your post-retirement lifestyle is an important requirement for everyone.
Let us guide you through the options available and advise on the one most suitable to you.
This type of pension is suitable for directors of limited companies, senior executives and employees alike as a means of funding for their retirement. The member and/or the employer can contribute to an executive pension plan and it is owned by the company.
Group Pension Schemes
Where a company wishes to provide pension benefits for their employees, and there is a sufficient number of members, the employer can set up an occupational pension scheme under trust for the employees.
Typically the employer will contribute a % of salary for each member. The member can also contribute to the scheme.
Group PRSA Schemes
A PRSA scheme is classed as a group for salary deduction purposes but the employer is not the scheme trustee on behalf of the members.
Each member is still the owner of their own PRSA under the umbrella of the group structure and their fund remains portable.
The employer and employee can contribute to this.