How can Eolas Money Help Your Company?
Eolas Money understands that companies can have very different requirements, not to mention budgets, when it comes to employee benefits. At the same time, as an employer you understand the importance of looking after your employees and their families, whether it is helping them plan for their retirement or planning for what happens in the event of their death during employment with you.
Following an initial consultation with you the employer, we set out the key benefits you should consider and why, and where you tell us what you want for your employees, we then research, recommend, implement and manage all of your employee benefit arrangements, thereby removing the administrative burden for you and your staff while also giving you the peace of mind that you have done the right thing for your employees.
So what does that mean in practice for your Company Pension & Protection Plans?
- We research the market and talk you through all the options to identify the right plans for your company.
- We oversee the day to day running of your schemes to minimise the administrative burden to you, the employer.
- We hold Annual Review Clinics for employees to allow for changes in circumstances, inductions with new employees and to manage queries that will arise.
- Company pension scheme members can download our unique smartphone app enabling members to stay engaged & connected with Eolas Money throughout the year thereby sending queries directly to us via our smartphone app. An introduction video can be played here.
- To ensure clarity and transparency for each employer, we will provide you with a detailed fee structure for the research, set-up, ongoing administration and annual review of your company pension and protection plans.
Some Common Employee Benefits:
1. Group or Company Pension Plans
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.
2. 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.
3. Group Income Protection Benefits
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.