Group or Company Pensions Plans
What are group or company pensions?
Group pensions are typically a defined contribution pension arrangement which employers can offer to their workers as an employment benefit. Members of group pensions build up a personal pension pot via personal contributions, employer contributions and avail of tax benefits. At retirement, members then convert into tax free income and ongoing income into retirement.
How does Eolas Money help your company when it comes to Group Pension Plans?
Eolas Money helps employers to design and implement Group Pension Plans for employees. We source the market to identify and set up the most appropriate plan for you and your employees.
What are the Benefits of engaging Eolas Money to help you with your Group Pension Plan?
- We will research the market and talk you through all the options to identify the right plan for your company.
- We will then oversee the day to day running of the scheme to minimise the administrative burden to you, the employer.
- We hold Annual Pension Review Clinics in your workplace for employees to allow for changes in circumstances, salaries, attitude to risk etc., and to manage queries that may arise.
- We also provide bespoke rather than generic financial planning guidance for employees on their risk profile, fund options, contribution levels, tax savings etc.,
- We provide you with a clear & transparent charging structure for the set-up, ongoing administration and review of your group pension scheme.
Group Death-in-Service Benefits
What are Group Death-in-Service Benefits?
Group Death in Service is life assurance provided by a company for its employees (i.e. the premiums are paid by the employer to cover the employees). It provides a lump sum (and, sometimes, a dependent’s pension benefit) on the death of a member of a scheme.
This is a way for an employer of providing financial security to the family of an employee in the event of that employee’s death during service. Having Group Life cover in place means employers can contribute invaluable financial support to beneficiaries. Group Life cover also plays a role in attracting and retaining staff, as it clearly demonstrates a business’s commitment and care to employees.
How does Eolas Money help your company when it comes to Group Death in Service Plans?
Eolas Money helps employers to design and put in place Death in Service arrangements for employees. We source the market to identify and set up the most competitive and suitable plan for you and your employees.
What is Group Income Protection Benefit?
Income Protection Benefit is designed to provide an income for employees if they are unable to work for a prolonged period of time due to illness or injury. Payment begins once a pre-determined period called the “deferred period” has passed since the onset of the condition leading to the claim. The deferred period differs according to the specific terms of each policy, but can range generally from 13, 26 or 52 weeks.
Loss of income due to illness or injury is a real concern for employees. Therefore, employees perceive Income Protection Benefit provided by their employer as being a very valuable benefit which is normally a huge benefit in attracting and retaining employees.
How does Eolas Money help your company when it comes to Group Income Protection Benefits?
Eolas Money helps employers to design and put in place Income Protection arrangements for employees. We source the market to identify and set up the most competitive and suitable plan for you and your employees.