Group Pension Schemes

Pensions are becoming an increasingly important part of employees’ pay and reward packages. They are cost effective because contributions are tax-deductible. This makes pensions a cheaper way for employers to reward their staff rather than giving them pay rises or bonuses (see table below). Pension plans can also provide inexpensive and hassle-free access to life assurance for staff.

A defined contribution plan is typically one in which both the Employer and the Employee makes regular payments (premiums) to a retirement fund for the employee. The premiums, together with investment growth earned by the fund, will be used to provide retirement benefits for employees when they retire.

Wexford Financial Services Ltd. are experts in the administration of group company pension plans. We remove uncertainty for members by providing them with valuable timely information and a unique range of investment options.

• We will provide employers and members access to contribution and fund information.
• We can offer a unique range of investment options from any of the major life assurance companies to meet clients’ varying risk appetites.
• Optional lump sum death-in-service, spouses pension on death in service and Income Protection can be provided at group rates and with reduced medical underwriting.
• A quality administration service minimising the hassle involved for employers and employees in servicing the pension scheme.
• Money invested as soon as it is received.
• It’s hassle-free – Wexford Financial Services Ltd. can collect payment information from the employer by email, on disk or in paper form. For immediate investment of funds, we encourage employers to submit data electronically either by the Automatic Direct Debit process or by Electronic Data Collection.
• Tax Relief illustration provided and explained to each employee.

N.B. For employers with an existing company pension plan we offer a comprehensive review or audit service on their existing scheme to ensure competitiveness of the scheme and to ensure that the scheme is set up and functioning in a transparent manner. Effectively, we will clean up and restructure (if necessary) any existing schemes that have not received proper administrative due care from another broker, life office or banking institution.

Tax relief for you the employer and your employees

Your employee will get €470 more benefit when you give a €1,000 bonus in the form of a pension contribution rather than a salary increase, and it will cost you €94.06 less.

Members can add to their Pension Fund by making AVCs

To contact us or for further information click here

PRSAs | Group Pension Schemes | Additional Voluntary Contributions (AVC) | Personal Retirement Bonds | ARFs and AMRFs