If some or all of your staff have been ‘Auto Enrolled’ into the Government’s ‘My Future Fund’ pension fund, it’s important to consider if it makes sense for your firm to stick with the Government’s scheme or to switch to your own pension scheme.
In particular, if you have any staff earning in excess of €44,000, the default Government scheme puts them at a clear disadvantage from a tax point of view over the alternatives. It costs them hundreds of euros more every year than it has to.
The choice you need to make is straightforward. You have three main options:
- Continue to use the Government’s new scheme – “My Future Fund”
- Set up a private pension arrangement through a financial broker or provider such as Aviva, Zurich, Irish Life, New Ireland, Standard Life etc.
- Use a mix of both (for different groups of staff or different objectives)
There’s no one-size-fits-all solution. Each option has its own advantages and drawbacks, and the “right” answer depends on your business, your budget, and your people.
In a 20-minute call, we’ll:
- Understand your business and your staff profile
- Outline the pros and cons of each route in plain English
- Recommend the approach that best fits your company
Fill in the short form below and an advisor will be in contact. Alternatively, call us now on (01)8570655.