Employee Benefit Solutions.
Our Employee Benefit Solutions team make pension scheme provision easy. One company, one contact and a unique service package to assist you manage all your employees’ benefits needs.
Employer pension responsibilities.
Employers are required by law to offer their employees access to a Personal Retirement Saving Account (PRSA), however, the employer does not have to contribute. Offering a more comprehensive benefits package can have lots of advantages to employers and we at Harvest Financial Services Limited (HFS) can offer a hassle free service to help you implement better benefits for your employees.
Why offer a group pension scheme and / or group risk scheme?
- Attracting key employees – The most effective way of attracting and retaining key employees is by offering an appealing pension and death benefits package. A group pension scheme promotes an image of a caring employer which will give any company an edge over competitors when it comes to recruitment.
- Employee loyalty – A group pension scheme that includes an employer contribution is an indication to your employees that as their employer you are concerned with their current and future well being. It shows a level of commitment and indicates that you want them with your company for the long term, which in turn should promote more loyalty and company buy in from your employees.
- Tax efficiency – Providing a group pension scheme is tax efficient. All company contributions receive tax relief against corporation tax plus company owners and directors can be included for death benefits even if they want to keep their pension benefits separate. This means company owners can route the cost of their own life cover through the company.
Hassle free group pension scheme implementation and management.
A successful pension scheme is vital, after all your employees may rely on benefits from the pension scheme for their financial security in their retirement. Our Employee Benefit Solutions team believes there are three key aspects to ensuring a successful pension scheme:
- Employer guidance – As an employer and business manager your main concern is ensuring the success of your business, so you will need any pension and / or death benefits package to be cost effective and not time consuming to manage. Our Employee Benefit Solutions team can ensure that you meet both these goals by:
- helping you as the employer to understand pension legislation, investment options and what your competitors are offering to their employees;
- advising on the correct and most cost effective structure for your company;
- helping select the correct provider;
- ensuring that pension scheme performance is regularly reviewed; and
- making administration as hassle free as possible by managing the selected provider relationship.
- Member engagement – Once any pension scheme is established its success will be dependent on how much members engage with it. Many employers say their employees have a poor understanding of the benefits on offer. Too often employees only have a vague idea of how much they need to save and what their employer contributes. Our Employee Benefit Solutions team will engage with members for you providing:
- member presentations on benefits, investment options, contribution levels and what to expect at retirement;
- one to one guidance on pension scheme benefits, literature and application forms for new members;
- literature and advice on maximising personal contributions;
- one to one member reviews to discuss individual employees’ funds and needs;
- a direct contact in HFS to answer member queries, including dealing with members leaving and retiring; and
- individual financial planning advice.
- Governance and trusteeship – Often employers act as trustee of their pension schemes which means ensuring the pension scheme is compliant with nearly 500 pages of pensions legislation; that all funds are appropriate to each individual member; that trustee training is completed every 2 years and much more. The Pensions Authority can, and do, fine trustees that don’t meet their obligations. Harvest Trustees Limited, an associate company of HFS, can provide pension scheme trustee services either separately or as part of an overall benefits package to remove the trustee responsibility from you as employer.
Why offer a self administered pension scheme?
In addition to helping you as the employer achieve a successful group pension scheme with all of the services above, our Employee Benefit Solutions team can also offer the exclusivity of self administered pension schemes for company directors and top level employees.
A self administered pension scheme can invest in a much wider range of investment options than the standard group pension scheme structure. Trusteeship can be taken on by the individual employee giving them a sense of control and removing the responsibility from you as employer. By offering a specialised arrangement for these company directors and top level employees you will set them apart from others and indicate their importance to your company.
Offering individual self administered pension schemes along with a group pension scheme will create a benefits package which will make your company stand out from other employers.