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Group Protection Ireland

Group Protection & Group Pensions

Group Protection

People are one of the most important assets in a successful company. A key tool in attracting and retaining top talent is having a strong benefits package, offering financial protection to your staff and their dependents in the event of long-term illness or death.

The best way to protect your business from an unexpected liability associated with your benefits package is to insure the risk.

Group Life Insurance
(Death in Service)

Group Life Insurance (often referred to as Death in Service) is now seen as an essential part of the benefits package for most employers. It provides employees with the peace of mind that dependents will be provided for financially in the event of their death.

Employers have the flexibility to design a policy to meet their needs. You can decide on the eligibility criteria, level of benefits and payment terms.

A "continuation option" can also be added to the Lump Sum element of Group Life Insurance schemes. This allows employees to keep their level of lump sum cover after they have left your employment by replacing it with a term life policy without further evidence of health.

If you would like to discuss setting up a Group Life Insurance scheme for your employees, contact one of our advisors on 01 882 0895.

Group Income
Protection Cover

Group Income Protection protects your employees from loss of income by paying them a monthly income if they are unable to work for a prolonged period due to long term illness or injury. Employers have the flexibility to design a policy to meet their needs. You can decide on the eligibility criteria, level of cover and deferral period.

The maximum benefit provided is 75% of normal salary less state benefits. You choose the deferral period i.e. how much time to wait between an employee going on sick leave and the income protection payment commencing. You can offer inflation protection to increase employee’s payment year on year.

A "continuation option" is an extra benefit which allows employees to continue their Income Protection themselves when they leave employment without further evidence of health.

If you would like to discuss setting up a Group Income Protection scheme for your employees, contact one of our advisors on 01 882 0895.

Group Pension Ireland

Group Pension

In today’s business environment, employee benefits are becoming increasingly import in attracting and retaining the best people. A good pension plan can form an important part of any remuneration package in actively encouraging employees to consider a long-term future with your company.

Instead of providing only a standard PRSA facility, many employers are now taking the opportunity to set up some form of company pension plan to help their employees save for retirement.

Defined Contribution (DC) schemes are where the employer and employee pay a fixed level of contribution usually as a percentage of salary. The contributions are invested in a fund for the employee in order to provide retirement benefits.

Extensive benefits for both Employers and Employees

Benefits to the Employer:

  • Valuable employee attraction and retention tool

    A tax efficient way of rewarding your employees for their service. Employers who make a contribution to their employees’ pension benefit from the valuable staff incentive, recruitment and retention advantages it provides (Under Revenue rules, an employer must make a meaningful regular contribution on an ongoing basis)

  • Tax relief

    Employers benefit from tax relief on any contributions made to employees’ pension plan as these can normally be offset against Corporation Tax as a business expense

  • Investment Options

    You have the option of choosing a wide range of pension investment funds or availing of a Lifestyle Strategy

Benefits to the Employees:

  • Security

    Your employees will have the security of a pension without having to arrange the plan themselves

  • Tax Relief

    Employees can normally avail of generous tax relief on their contributions, no tax is payable on any growth during the term of their pension, and on retirement some of the fund may be taken as a tax-free retirement lump sum

  • Retirement options

    At retirement your employees can choose from a number of options in terms of how they wish to benefit from their retirement fund.

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